Bitcoin(
BTCUSDT), like Gold, has been moving in a Range for the past 5-6 days and is currently in a Heavy Resistance zone($95,950-$88,500), as it has been in the past few days.
In terms of Elliott Wave theory, Bitcoin appears to be completing a main wave 4. The main wave 4 structure can take two forms: Double Three Correction(WXY)_Expanding Flat(3-3-5).
I label this analysis "Short" for the following reasons:
Due to Bitcoin's higher correlation with the S&P 500 Index(
SPX) these days, I am short on the S&P 500 Index.
China’s president Xi Jinping says Trump lied about them having a phone call; it is NOT good news for the S&P 500 Index and Bitcoin.
CME Gap($92,525-$91,415) has NOT filled yet, and I think Bitcoin will NOT start the next bullish rally before filling the CME Gap.
I expect Bitcoin to drop to at least $92,830 and then decline to the Support zone($92,000-$91,400) if the Support lines are broken.
Cumulative Short Liquidation Leverage: $96,741-$95,520
Note: If Bitcoin can touch $97,000, we should expect more pumping.
Note: If Bitcoin goes below the 100_SMA(Daily), we should expect a fall.
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), like Gold, has been moving in a Range for the past 5-6 days and is currently in a Heavy Resistance zone($95,950-$88,500), as it has been in the past few days.In terms of Elliott Wave theory, Bitcoin appears to be completing a main wave 4. The main wave 4 structure can take two forms: Double Three Correction(WXY)_Expanding Flat(3-3-5).
I label this analysis "Short" for the following reasons:
Due to Bitcoin's higher correlation with the S&P 500 Index(
SPX) these days, I am short on the S&P 500 Index.China’s president Xi Jinping says Trump lied about them having a phone call; it is NOT good news for the S&P 500 Index and Bitcoin.
CME Gap($92,525-$91,415) has NOT filled yet, and I think Bitcoin will NOT start the next bullish rally before filling the CME Gap.
I expect Bitcoin to drop to at least $92,830 and then decline to the Support zone($92,000-$91,400) if the Support lines are broken.
Cumulative Short Liquidation Leverage: $96,741-$95,520
Note: If Bitcoin can touch $97,000, we should expect more pumping.
Note: If Bitcoin goes below the 100_SMA(Daily), we should expect a fall.
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 near the Cumulative Short Liquidation Leverage: $96,741-$95,520.Trade closed: target reached
First Target Done, and then BTC went UP as I expected, my first target I mentioned =$92,830
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🎁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.