Bitcoin(
BTCUSDT) attacked the Resistance zone ($87,520-$85,840) and the important Resistance line as I expected in yesterday's idea, but it seems that it failed to break.
Bitcoin is moving between two Support and Resistance zones.
From a Classic Technical Analysis, Bitcoin appears to have formed a Rising Wedge Pattern.
From an Elliott Wave theory, Bitcoin appears to have completed a main wave 5 on the 1-hour time frame.
Also, we can see the Regular Divergence(RD-) between Consecutive Peaks.
If we look at the Bitcoin chart in the 4-hour timeframe, a Shooting Star Candlestick Pattern with high volume is clearly visible near the Resistance zone ($87,520-$85,840), which could signal a reversal and decline in Bitcoin.
I expect Bitcoin to start declining again after an upward correction and break the lower line of the rising wedge pattern, and reach the targets I have indicated on the chart.
Cumulative Short Liquidation Leverage: $87,708-$86,487
Cumulative Long Liquidation Leverage: $84,520-$83,687
Do you think Bitcoin can finally break the important resistance line? I would like to hear your thoughts.
Note: If Bitcoin breaks above the Resistance zone ($87,520-$85,840), we can expect a pump.
Note: If Bitcoin falls below $81,000, we can expect further declines.
Please respect each other's ideas and express them politely if you agree or disagree.
Bitcoin Analyze (BTCUSDT), 1-hour 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.
BTCUSDT) attacked the Resistance zone ($87,520-$85,840) and the important Resistance line as I expected in yesterday's idea, but it seems that it failed to break. Bitcoin is moving between two Support and Resistance zones.
From a Classic Technical Analysis, Bitcoin appears to have formed a Rising Wedge Pattern.
From an Elliott Wave theory, Bitcoin appears to have completed a main wave 5 on the 1-hour time frame.
Also, we can see the Regular Divergence(RD-) between Consecutive Peaks.
If we look at the Bitcoin chart in the 4-hour timeframe, a Shooting Star Candlestick Pattern with high volume is clearly visible near the Resistance zone ($87,520-$85,840), which could signal a reversal and decline in Bitcoin.
I expect Bitcoin to start declining again after an upward correction and break the lower line of the rising wedge pattern, and reach the targets I have indicated on the chart.
Cumulative Short Liquidation Leverage: $87,708-$86,487
Cumulative Long Liquidation Leverage: $84,520-$83,687
Do you think Bitcoin can finally break the important resistance line? I would like to hear your thoughts.
Note: If Bitcoin breaks above the Resistance zone ($87,520-$85,840), we can expect a pump.
Note: If Bitcoin falls below $81,000, we can expect further declines.
Please respect each other's ideas and express them politely if you agree or disagree.
Bitcoin Analyze (BTCUSDT), 1-hour 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 lower line of the rising wedge pattern.Trade closed: target reached
First Target Done
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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.