Key PRZ Ahead for Bitcoin – Bounce or Breakdown?

yesterday

Bitcoin(BTCUSDT) moved as I expected in my previous idea and rose to the Resistance zone($118,580-$117,460).

First of all, let me say that this is a short-term Bitcoin analysis.

Bitcoin is filling the CME Gap($116,115-$115,860) and is moving near the Support zone($116,900-$115,730)[, Cumulative Long Liquidation Leverage($115,555-$114,424), Potential Reversal Zone(PRZ)[$116,280-$115,820], and the lower line of the ascending channel.

In terms of Elliott Wave theory, Bitcoin appears to be completing a wave C of the Expanding Flat(ABC/3-3-5).

I expect Bitcoin to rise to at least $116,910 if it even manages to break the ascending channel.

Second Target: $117,760

Stop Loss(SL): $$115,300

Cumulative Short Liquidation Leverage: $118,965-$117,906

Please respect each other's ideas and express them politely if you agree or disagree.

Bitcoin Analysis (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.

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7 hours ago

Trade active

Short Position was activated

After Bitcoin broke below the Support zone($116,900-$115,730), the bullish scenario changed for me, and it seems that we should wait for the break of the lower line of the ascending channel with the help ofthe Bearish Flag Pattern.

In terms of Elliott Wave theory, Bitcoin seems to be completing corrective waves(upward waves).

I expect Bitcoin to eventually break the lower line of the ascending channel and attack the Support zone($114,820-$113,180).

New Cumulative Short Liquidation Leverage: $118,920-$117,800

New Cumulative Short Liquidation Leverage: $117,126-$109,232

New Cumulative Long Liquidation Leverage: $115,058-$113,670

Saturday and Sunday might NOT be a good time to break the Support zone($114,820-$113,180) because the trading volume is generally low.