Bitcoin Analysis==>>Risk-To-Reward:4.40
Updated
Bitcoin started to rise after the UAE exempted cryptocurrency transactions from Value Added Tax (VAT).
The UAE exempts crypto transactions from VAT starting November 15, aiming to attract more investments and solidify its position as a crypto hub.
Bitcoin is currently moving near the Resistance zone($67,400-$65,000), the Potential Reversal Zone(PRZ), and above the ascending channel.
Regarding Elliott wave theory, Bitcoin has restructured a bit since my previous post. Bitcoin seems to be completing wave C inside the ascending channel.
Also, Regular Divergence (RD-) between Consecutive Peaks.
I expect Bitcoin to decline to at least the Support zone($62,860-$62,110) again, and because there is still a high possibility of tension between Israel and Iran, it is very likely that Bitcoin will come back below 21_SMA(Weekly) and 200_SMA(Daily).
⚠️Note: This analysis is valid until Bitcoin does not touch $66,500.⚠️
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My position: Of course, I manage this position with price changes.
BTCUSDT
🔴Position: Short
✅Entry Point: 64347.0 USDT (Limit Order)
⛔️Stop Loss: 65283.0 USDT [You can open a Short position where the Stop Loss(SL) is $66,500]
💰Take Profit:
🎯62493.0 USDT ===>>>Risk-To-Reward: 1.98
🎯60229.0 USDT ===>>>Risk-To-Reward: 4.40
Please don't forget to follow capital management ⚠️
Please pay attention to the style of opening the position.⚠️
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Bitcoin Analyze (BTCUSDT), 1-hour time frame⏰.
Do not forget to put 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.
The UAE exempts crypto transactions from VAT starting November 15, aiming to attract more investments and solidify its position as a crypto hub.
Bitcoin is currently moving near the Resistance zone($67,400-$65,000), the Potential Reversal Zone(PRZ), and above the ascending channel.
Regarding Elliott wave theory, Bitcoin has restructured a bit since my previous post. Bitcoin seems to be completing wave C inside the ascending channel.
Also, Regular Divergence (RD-) between Consecutive Peaks.
I expect Bitcoin to decline to at least the Support zone($62,860-$62,110) again, and because there is still a high possibility of tension between Israel and Iran, it is very likely that Bitcoin will come back below 21_SMA(Weekly) and 200_SMA(Daily).
⚠️Note: This analysis is valid until Bitcoin does not touch $66,500.⚠️
-------------------------------------------
My position: Of course, I manage this position with price changes.
BTCUSDT
🔴Position: Short
✅Entry Point: 64347.0 USDT (Limit Order)
⛔️Stop Loss: 65283.0 USDT [You can open a Short position where the Stop Loss(SL) is $66,500]
💰Take Profit:
🎯62493.0 USDT ===>>>Risk-To-Reward: 1.98
🎯60229.0 USDT ===>>>Risk-To-Reward: 4.40
Please don't forget to follow capital management ⚠️
Please pay attention to the style of opening the position.⚠️
-------------------------------------------
Bitcoin Analyze (BTCUSDT), 1-hour time frame⏰.
Do not forget to put 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.
Note
The USDT.D% chart seems to have formed a Bullish Flag Pattern, and after breaking the upper line of the descending channel, we can confirm this pattern.
A rise in USDT.D% can cause Bitcoin to fall.
Trade active
Trade was activatedTrade closed: target reached
First Target DoneTrade closed: target reached
Second Target Done.
Running well
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