Bitcoin 🗺️Road map🗺️for 300 Days Before Halving 2024❗️Hi everyone👋 (Reading time less than 7 minutes⏰).
First, I have to apologize for the busy chart, but all the lines were really needed.😊🙏
📚As you know, Bitcoin has created an All-Time High(ATH) between both Halvings, and after the confirmation of Bitcoin's ATH, it has started a downward trend . In general, Bitcoin has started an upward trend about 500 days before each halving , although this upward trend is not stable and has undergone correction .
📚Bitcoin seems to have started a trend similar to 500 days before the 2020 Halving, and if Bitcoin wants to have a correction similar to the 2020 Halving , this correction should start at 300 days before the 2024 Halving .
In this post, I want to give you reasons that show that the movement of Bitcoin until the 2024 Halving will be very similar to the 2020 Halving.
So stay with me.🙏
🔔The reasons for the start of Bitcoin Correction :
Bitcoin started an upward trend 500 days before the 2020 Halving, and it is interesting to know that Bitcoin has started an upward trend 500 days before the 2024 Halving.
Bitcoin started a correction 300 days before the 2020 Halving, and now we are 300 days away from the 2024 Halving, and Bitcoin is expected to start its price correction in the coming weeks.
The conditions of the RSI indicator are very similar in both movements, and the Bitcoin correction in both movements has started with Regular Divergence (RD-). (Note that currently, Bitcoin has not managed to enter the Overbought area, and this indicates that the Bitcoin correction may be a little deeper than the 2020 Halving movement).👇
🔔Now let's look at the current situation of the Bitcoin chart. (I will point out the reasons for the correction).
Bitcoin has been moving in a descending channel on the weekly time frame for more than a year and a half. And currently, Bitcoin is above the descending channel, and Bitcoin will probably react to this area.
Bitcoin is attacking the 🔴 heavy resistance zone($32,420-$28,900) 🔴 for the second time.
It is interesting to know that the 🔴heavy resistance zone🔴 was broken after the fourth time when it was playing the role of the 🟢heavy support zone🟢.
So, it is not far from expecting that the second attack on the heavy resistance zone will ❌ fail ❌ and Bitcoin will go down again.
Also, Bitcoin is moving near 100-Simple Moving Average(100-SMA) , and this moving average plays the role of a dynamic resistance for Bitcoin.
Plus, Bitcoin is moving in the 🟡 Time Reversal Zone(TRZ) 🟡.
In the daily time frame, the Regular Divergence (RD-) between volume and price can be seen between two consecutive peaks.
🔔As a result, I expect Bitcoin to start its correction in the coming weeks, and this correction will deepen after the uptrend line breaks. Finally, I think Bitcoin will fill the 🔵 lower CME Gap 🔵 and then start its upward trend again (around $20,000 ).
According to the explanation above, will the movement of Bitcoin be similar to Halving 2020❗️❓
I would be happy to share your opinion with me in the comments 🙏.
Bitcoin Analyze ( BTCUSDT ), Weekly time frame ⏰.
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