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#Bitcoin 1D chart updated#Bitcoin 1D chart; Bitcoin is likely to touch the upper red trend line in the short term. Let me explain why I think so, based purely on technique, far from the < emotional thinking > that I always underline, so that it is not in the air; < ChoCh > is also known as a trend direction change. The fact that it broke the uptrend with a hard momentum candle and then unwound to the IMB area in this region, where it can hold for now, reveals this possibility. However The levels indicated by the orange circles are critical. The orange circle on the left is the highest peak of the previous month. Naturally, it is the first important hurdle to cross for now. This is the 70k level . If a close above it comes, then we can talk about bullishness. For now, we can state that no chart based on rockets and flames has any basis in reality, as we have no data to suggest that it can break here hard. What happened at the previous highs? Not only were the highs not broken, but the downtrend line (red) also worked as resistance. There is no reason why the same scenario cannot work again (for now). Of course, it should not fall below the IMB level first. If this happens, the previous monthly low below will be tested.
by ugurtash
Bitcoin's Dual DestinyAs a long-time Bitcoin enthusiast, I've ridden the rollercoaster of crypto markets more times than I can count. Today, I'm here to share my insights on Bitcoin's fascinating journey ahead – a tale of short-term struggles and long-term triumphs. The Bearish Storm on the Horizon Looking at the day chart, the next 1-3 months paint a somewhat gloomy picture for Bitcoin. The 15 and 50 Exponential Moving Averages (EMA) are telling a bearish story, with the shorter-term EMA consistently staying below the longer-term one – a classic sign of downward momentum. Fibonacci retracements, those mystical levels that often act as support and resistance, are also hinting at potential further downside. We're seeing price action respecting these levels with an eerie precision, suggesting that Bitcoin might be searching for its short-term bottom. But here's the kicker – this bearish phase isn't necessarily bad news. In fact, it might be setting the stage for something much bigger. The Bullish Horizon: A 5-Year Vision While the short-term outlook might make some hodlers nervous, zooming out to the 1-5 year timeframe reveals a much more optimistic picture. Despite regulatory headwinds, the underlying fundamentals of Bitcoin continue to strengthen. Institutional adoption is accelerating, with major companies adding Bitcoin to their balance sheets. The recent approval of Bitcoin ETFs in the US has opened the floodgates for more mainstream investment. These factors, combined with the upcoming halving event, paint a bullish long-term picture that could see Bitcoin reaching new all-time highs. Riding the Elliott Waves To understand Bitcoin's price movements better, let's dive into the world of Elliott Wave Theory. Developed by Ralph Nelson Elliott in the 1930s, this theory suggests that market prices move in repetitive patterns driven by investor psychology. The basic Elliott Wave pattern consists of five waves in the direction of the main trend, followed by three corrective waves. These patterns can be seen across various timeframes, from minutes to years. ABC Corrections: The Market's Natural Rhythm Within the Elliott Wave framework, ABC corrections play a crucial role. These are the three waves (A, B, and C) that move against the main trend, providing necessary retracements before the larger trend continues. In Bitcoin's current context, we might be in the midst of an ABC correction within a larger bullish cycle. The 'A' wave could represent the initial drop from all-time highs, 'B' the subsequent relief rally, and 'C' the final leg down to find the short-term bottom. The Road Ahead: Embracing the Dual Nature As we navigate these choppy waters, it's crucial to maintain perspective. The short-term bearish outlook provides an opportunity for accumulation, while the long-term bullish thesis reminds us of Bitcoin's revolutionary potential. Remember, every bear market in Bitcoin's history has eventually given way to new bull runs. This time is likely no different. The key is to stay informed, manage risk wisely, and never invest more than you can afford to lose. As we watch the charts and analyze the patterns, let's not forget the bigger picture. Bitcoin isn't just an asset – it's a technological revolution that's reshaping our understanding of money and finance. So, whether you're a day trader riding the short-term waves or a long-term hodler with your eyes on the horizon, remember: in the world of Bitcoin, change is the only constant. Embrace it, learn from it, and most importantly, enjoy the ride! #Bitcoin #CryptoAnalysis #ElliottWaves #BullishBTC #BearishShortTerm #LongTermHodl #ABCCorrections #CryptoTrading #BlockchainRevolution #FinancialFreedom
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by XTradeSetup