🗺️Bitcoin Roadmap🗺️
Updated
🧐Today, I want to analyze Bitcoin for you in a weekly time frame so that maybe it can give us a good view of the continuation of Bitcoin's movement.
🏃♂️If you look at the chart, Bitcoin is moving in the Ascending Channel in the weekly time frame, the ascending channel I have drawn seems to be a valid channel, so that the middle line of the ascending channel has played the role of resistance and support well.
🏃♂️Bitcoin is moving near the ascending channel's midline, the pitchfork line, the Resistance lines, and the 🟡Potential Reversal Zone(PRZ)($82,800-$73,200)🟡➡️So it shows that Bitcoin is facing an Important Resistance(Supply zone).
⚖️If we look at the chart, it looks like we can expect similar moves before the 2020 Halving. Move 1 is similar to move 3, and moves 2 and 4 are similar, so if we want to expect similar moves, Bitcoin should start correcting. And until the 38.2% and 50% Fibonacci corrections (we should NOT consider the decrease of Bitcoin in Covid). I have drawn the possible move for you in the chart below.👇
🌊According to the theory of Elliott waves, Bitcoin can follow two scenarios, and it depends on future events and news. The scenario is as follows:
🚀Bullish scenario (more likely due to Halving, ETF, etc): Bitcoin has completed the main wave 3 at $73,777, and we should wait for the start of the main wave 4 and then increase towards $87,000-$99,000-$112,000.
🚨Bearish Scenario: Bitcoin has finished the main wave C at $73,777 (or a little higher), and in case of breaking the 🟢Heavy Support zone($50,000-$38,500)🟢, we should wait for Bitcoin to fall (the fall can continue up to 😱$18,000😱). Of course, according to the current market conditions, this scenario is somewhat unlikely, but it is still possible, if Bitcoin goes above $77,000, this scenario will be removed in general.
💡If we look at the RSI indicator in the weekly time frame, we can see that it seems that the RSI has succeeded in forming a Rising Wedge pattern, which can correct the upcoming correction of Bitcoin.
💡In the 1-hour time frame, Bitcoin has formed an Ascending Broadening Wedge pattern, which can be a sign to start the correction of Bitcoin.
🔔According to the above explanation, we can conclude that Bitcoin correction can start soon[The maximum can increase to the upper areas of 🟡PRZ🟡]; Bitcoin can have a correction to 🟢Heavy Support zone($50,000-$38,500)🟢 and then we have to wait for the next movement of Bitcoin(Re-pumping is more likely).
❗️⚠️Note⚠️❗️: An important point you should always remember is capital management and lack of greed.
Bitcoin Analyze ( BTCUSDT ), Weekly 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.
🏃♂️If you look at the chart, Bitcoin is moving in the Ascending Channel in the weekly time frame, the ascending channel I have drawn seems to be a valid channel, so that the middle line of the ascending channel has played the role of resistance and support well.
🏃♂️Bitcoin is moving near the ascending channel's midline, the pitchfork line, the Resistance lines, and the 🟡Potential Reversal Zone(PRZ)($82,800-$73,200)🟡➡️So it shows that Bitcoin is facing an Important Resistance(Supply zone).
⚖️If we look at the chart, it looks like we can expect similar moves before the 2020 Halving. Move 1 is similar to move 3, and moves 2 and 4 are similar, so if we want to expect similar moves, Bitcoin should start correcting. And until the 38.2% and 50% Fibonacci corrections (we should NOT consider the decrease of Bitcoin in Covid). I have drawn the possible move for you in the chart below.👇
🌊According to the theory of Elliott waves, Bitcoin can follow two scenarios, and it depends on future events and news. The scenario is as follows:
🚀Bullish scenario (more likely due to Halving, ETF, etc): Bitcoin has completed the main wave 3 at $73,777, and we should wait for the start of the main wave 4 and then increase towards $87,000-$99,000-$112,000.
🚨Bearish Scenario: Bitcoin has finished the main wave C at $73,777 (or a little higher), and in case of breaking the 🟢Heavy Support zone($50,000-$38,500)🟢, we should wait for Bitcoin to fall (the fall can continue up to 😱$18,000😱). Of course, according to the current market conditions, this scenario is somewhat unlikely, but it is still possible, if Bitcoin goes above $77,000, this scenario will be removed in general.
💡If we look at the RSI indicator in the weekly time frame, we can see that it seems that the RSI has succeeded in forming a Rising Wedge pattern, which can correct the upcoming correction of Bitcoin.
💡In the 1-hour time frame, Bitcoin has formed an Ascending Broadening Wedge pattern, which can be a sign to start the correction of Bitcoin.
🔔According to the above explanation, we can conclude that Bitcoin correction can start soon[The maximum can increase to the upper areas of 🟡PRZ🟡]; Bitcoin can have a correction to 🟢Heavy Support zone($50,000-$38,500)🟢 and then we have to wait for the next movement of Bitcoin(Re-pumping is more likely).
❗️⚠️Note⚠️❗️: An important point you should always remember is capital management and lack of greed.
Bitcoin Analyze ( BTCUSDT ), Weekly 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.
Trade active
Note
If Bitcoin forms a shooting star candlestick pattern on a weekly basis, it can be a sign of a correction.Note
Running well,59700 can be first targetNote
Forming an Evening Star Candlestick Pattern in the weekly time frame can signal Bitcoin correction.Note
Great movement. How many people remember this post?Always try to start the analysis from the upper time frame.
Concentrate on 🟢Heavy Support zone($50,000-$38,500)🟢.
Note
I think it's time to revisit this post.Running well
Trade closed: target reached
The analysis is for March 14, 2024.In Asian trading hours, Bitcoin continued its downward trend and fell below $50,000. Rumors of selling Jump Trading's assets fueled the trend. More than $1 billion was lost in the cryptocurrency futures market. The fear of global recession and tension in the Middle East was the main reason for this massive sale. The Cryptocurrency Fear and Greed Index hit its lowest level since early July, indicating panic in the market.
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