First of all, let me say that the market has been very excited these past few days, so be more careful with your capital management.
Also, these days, Bitcoin(
BTCUSDT) has a high correlation with the US stock market indices, and one of the most important of them is the S&P 500 Index(
SPX500).
Today, I published the following analysis for the S&P 500 Index, which I used as a result of that analysis for Bitcoin.
Bitcoin is trading near the Resistance zone($81,610-$79,800), the Yearly Pivot Point, the Daily Pivot Point, the important uptrend line (broken), and the Cumulative Short Liquidation Leverage($81,500-$79,677).
Overall, it seems that this uptrend in Bitcoin over the past few hours was a pullback to the broken Important uptrend line and the liquidation of short positions. Do you agree with me?
In terms of Elliott Wave theory, it seems that the uptrend of the last few hours has been in the form of a Zigzag Correction(ABC/5-3-5) and we should expect another decline.
Based on the above explanation, I expect Bitcoin to resume its downtrend and approach the Potential Reversal Zone(PRZ)[$76,330-$72,600] again (after breaking the support lines).
Cumulative Long Liquidation Leverage: $74,520-$73,244
If you want to see my overall view of Bitcoin on the weekly timeframe and further understand the significance of the Uptrend line(broken), you can refer to the following idea:
Note: If Bitcoin can completely fill the CME Gap($84,475-$81,450), we should expect further increases.
Please respect each other's ideas and express them politely if you agree or disagree.
Bitcoin Analyze (BTCUSDT), 15-minute time frame.
Be sure to follow the updated ideas.
Do not forget to put a Stop loss for your positions (For every position you want to open).
Please follow your strategy and updates; 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.
Also, these days, Bitcoin(
BTCUSDT) has a high correlation with the US stock market indices, and one of the most important of them is the S&P 500 Index(SPX500).Today, I published the following analysis for the S&P 500 Index, which I used as a result of that analysis for Bitcoin.
Bitcoin is trading near the Resistance zone($81,610-$79,800), the Yearly Pivot Point, the Daily Pivot Point, the important uptrend line (broken), and the Cumulative Short Liquidation Leverage($81,500-$79,677).
Overall, it seems that this uptrend in Bitcoin over the past few hours was a pullback to the broken Important uptrend line and the liquidation of short positions. Do you agree with me?
In terms of Elliott Wave theory, it seems that the uptrend of the last few hours has been in the form of a Zigzag Correction(ABC/5-3-5) and we should expect another decline.
Based on the above explanation, I expect Bitcoin to resume its downtrend and approach the Potential Reversal Zone(PRZ)[$76,330-$72,600] again (after breaking the support lines).
Cumulative Long Liquidation Leverage: $74,520-$73,244
If you want to see my overall view of Bitcoin on the weekly timeframe and further understand the significance of the Uptrend line(broken), you can refer to the following idea:
Please respect each other's ideas and express them politely if you agree or disagree.
Bitcoin Analyze (BTCUSDT), 15-minute time frame.
Be sure to follow the updated ideas.
Do not forget to put a Stop loss for your positions (For every position you want to open).
Please follow your strategy and updates; 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
Trade was activated after breaking the support lines.Trade closed: target reached
Full Target Done
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
🎁Welcome than a 50% bonus(Low Spread)👉vtm.pro/Y3AV7r
🎁Get a 20% Discount on your trading FEE on BYBIT:👉partner.bybit.com/b/PEJMANZWIN
🎁Get a 20% Bonus & 30% Discount on LBANK exchange(NO KYC)👉lbank.one/join/uBythQd
🎁Get a 20% Discount on your trading FEE on BYBIT:👉partner.bybit.com/b/PEJMANZWIN
🎁Get a 20% Bonus & 30% Discount on LBANK exchange(NO KYC)👉lbank.one/join/uBythQd
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.