💡Signs of the end of the Bitcoin Range Market💡
Updated
Hi everyone👋(Reading time less than 5 minutes⏰).
Bitcoin has been moving in a Rectangle Pattern for over 25 days⏰.
📚Rectangular Pattern: The rectangle is a classical technical analysis pattern described by horizontal lines showing significant support and resistance. It can be successfully traded by buying at support and selling at resistance or by waiting for a breakout from the formation and using the measuring principle.
🌊According to the theory of Elliott waves, the structure of the main wave 5 was Expanding Ending Diagonal, and it is expected that the beginning of corrective waves will be confirmed after the break of the lower line of the rectangle pattern.
💡Bitcoin's entry into the lower area of the rectangle pattern is different this time than before, as it is the first time in the past two or three days that Bitcoin has significantly broken below the 100-SMA and 100-EMA.
💡Also, a SELL signal can confirm the end of the five impulse waves of Bitcoin.
🔔I tried to chart the possible movements of Bitcoin over the next 2-3 days.
🔔I expect Bitcoin to FALL to at least the 🟢support zone($28,450-$28,080)🟢 after breaking the lower line of the rectangle pattern.
---------------------------------------------------------------------------------------------------------
🌐➕Positive News➕🌐:
Rich Dad Poor Dad Author Says He’s Sticking With Bitcoin (BTC) Amid ‘Sad’ State of America.
A recent Glassnode report shows that the number of addresses with at least one Bitcoin(BTC) has reached an all-time high
SEC accepts BlackRock’s Bitcoin ETF application for review
🌐➖Negative News➖🌐:
Major Australian Bank Bans Payments to Binance Amid Regulatory Crackdown.
Financial Stability Board Calls for Tougher Global Crypto Rules After Year of Turmoil
US Government Moves $305,000,000 Worth of Bitcoin (BTC) Seized From Silk Road
---------------------------------------------------------------------------------------------------------
Bitcoin Analyze ( BTCUSDT), 4-hour 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 be glad to see your ideas in this post.
Please do not forget the ✅' like'✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
Bitcoin has been moving in a Rectangle Pattern for over 25 days⏰.
📚Rectangular Pattern: The rectangle is a classical technical analysis pattern described by horizontal lines showing significant support and resistance. It can be successfully traded by buying at support and selling at resistance or by waiting for a breakout from the formation and using the measuring principle.
🌊According to the theory of Elliott waves, the structure of the main wave 5 was Expanding Ending Diagonal, and it is expected that the beginning of corrective waves will be confirmed after the break of the lower line of the rectangle pattern.
💡Bitcoin's entry into the lower area of the rectangle pattern is different this time than before, as it is the first time in the past two or three days that Bitcoin has significantly broken below the 100-SMA and 100-EMA.
💡Also, a SELL signal can confirm the end of the five impulse waves of Bitcoin.
🔔I tried to chart the possible movements of Bitcoin over the next 2-3 days.
🔔I expect Bitcoin to FALL to at least the 🟢support zone($28,450-$28,080)🟢 after breaking the lower line of the rectangle pattern.
---------------------------------------------------------------------------------------------------------
🌐➕Positive News➕🌐:
Rich Dad Poor Dad Author Says He’s Sticking With Bitcoin (BTC) Amid ‘Sad’ State of America.
A recent Glassnode report shows that the number of addresses with at least one Bitcoin(BTC) has reached an all-time high
SEC accepts BlackRock’s Bitcoin ETF application for review
🌐➖Negative News➖🌐:
Major Australian Bank Bans Payments to Binance Amid Regulatory Crackdown.
Financial Stability Board Calls for Tougher Global Crypto Rules After Year of Turmoil
US Government Moves $305,000,000 Worth of Bitcoin (BTC) Seized From Silk Road
---------------------------------------------------------------------------------------------------------
Bitcoin Analyze ( BTCUSDT), 4-hour 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 be glad to 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
Bitcoin again reacted to the bottom of the rectangle patternNote
Running wellTrade closed: target reached
👑Real & Accurcy Free & VIP Signals👉 t.me/ProTrader_365
📚Contact & Learning Technical Analysis 👉t.me/Ad_ProTrader365
📚Contact & Learning Technical Analysis 👉t.me/Ad_ProTrader365
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.