Bitcoin Analysis==>> Pumping
Updated
Bitcoin began to pump after Jerome Powell's speech and the possibility of interest rate cuts.
⚠️First of all, I must say that we must always keep up with the news and new events in the market, and all the analyses will never be correct; otherwise, there is no need for capital management, so we should always follow capital⚠️
Bitcoin seems to have managed to break the Resistance zone ($58,500-$57,000), 200_SMA(Daily), and 50_SMA(Daily).
Regarding Classic Technical Analysis, the Bitcoin pump has invalidated the Rising Wedge pattern. The Rising Wedge pattern is a Reversal Pattern; if it Fails, it will become a Continuation Pattern.
According to the theory of Elliott waves, Bitcoin seems to be completing the main wave 4, and the structure of the main wave 4 can be a Contracting Triangle.
I expect Bitcoin to rise to at least $65,000 after breaking the upper line of the Contracting Triangle.
Note: Wave 4's structure is likely to change; overall, I expect the maximum correction or end of wave 4 to be at the Support zone.
Bitcoin Analyze (BTCUSDT), 15-minute time frame⏰.
Do not forget to put Stop loss for your positions (For every position you want to open).
Please follow your strategy; this is just my Idea, and I will gladly see your ideas in this post.
Please do not forget the ✅' like'✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
⚠️First of all, I must say that we must always keep up with the news and new events in the market, and all the analyses will never be correct; otherwise, there is no need for capital management, so we should always follow capital⚠️
Bitcoin seems to have managed to break the Resistance zone ($58,500-$57,000), 200_SMA(Daily), and 50_SMA(Daily).
Regarding Classic Technical Analysis, the Bitcoin pump has invalidated the Rising Wedge pattern. The Rising Wedge pattern is a Reversal Pattern; if it Fails, it will become a Continuation Pattern.
According to the theory of Elliott waves, Bitcoin seems to be completing the main wave 4, and the structure of the main wave 4 can be a Contracting Triangle.
I expect Bitcoin to rise to at least $65,000 after breaking the upper line of the Contracting Triangle.
Note: Wave 4's structure is likely to change; overall, I expect the maximum correction or end of wave 4 to be at the Support zone.
Bitcoin Analyze (BTCUSDT), 15-minute time frame⏰.
Do not forget to put Stop loss for your positions (For every position you want to open).
Please follow your strategy; this is just my Idea, and I will gladly see your ideas in this post.
Please do not forget the ✅' like'✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
Comment
We have to wait for BTC breaking the upper line, otherwise, we can find better Trigger.Comment
As I said in the text of the post and post update, we had to wait for the break of the upper line of the triangle to confirm the end of wave 4. The market was affected by the news of Pavel Durov's arrest.
Of course, we can still wait for the price of Bitcoin to rise.
The scenario will change if Bitcoin goes below $62,000.
Trade active
Since the trading volume is generally low on Saturdays and Sundays, the target can be the Resistance zone.
Trade closed: target reached
✅First Target Done✅
Trade closed: target reached
✅Second Target Done✅
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