Bitcoin at Support | The Reaction Will Decide Everything

Mar 31

As I expected in the previous idea, Bitcoin(BTCUSDT) completed its target decline yesterday.

Currently, Bitcoin is moving near the support zone($66,400-$64,910) and close to the Cumulative Long Liquidation Leverage($65,980-$65,000), near the lower line of the descending channel.

From an Elliott Wave theory perspective, it seems that Bitcoin needs one more corrective upward wave, which could form a Double Three Correction(WXY) pattern.

I expect that, in the coming hours, Bitcoin could start rising again and reach at least $68,119. And if the rise has strong momentum and breaks the main upper line of the descending channel, we could see Bitcoin rise above $70,000. But for now, it’s better to focus on short-term trading, since there are a lot of parameters that make Bitcoin’s analysis very delicate these days.

First Target: $68,119

Second Target: Cumulative Short Liquidation Leverage($69,420-$68,470)

Stop Loss(SL): $64,827(Worst)

Points may shift as the market evolves

Cumulative Short Liquidation Leverage: $73,510-$72,000

CME Gap: $84,560-$79,660

Note: Any news or escalation of the Middle East conflict can cause a sudden shift in Bitcoin’s trend, so, once again, manage your capital carefully in your trades.

What do you think about Bitcoin—can it rise above $70,000, or will we see another decline again?

💡 Please respect each other's opinions and express agreement or disagreement politely.

📌Bitcoin Analysis (BTCUSDT), 1-hour time frame.

🛑 Always set a Stop Loss(SL) for every position you open.

✅ This is just my idea; I’d love to see your thoughts too!

🔥 If you find it helpful, please BOOST this post and share it with your friends.

Mar 31

Trade active

Trade was activated near the support zone($66,400-$64,910)

Apr 1

Trade closed: target reached

Full Target Done