Bitcoin Analysis(Stop Hunting or Falling has started)❗️❓
🧐The start of the new year 2024 was interesting for Bitcoin; we saw both a Bitcoin Pump/Dump in the first three days.
↗️The reason for the Bitcoin Pump was the news of the possible approval of Bitcoin ETFs on Tuesday and Wednesday.
↘️The Bitcoin Dump was due to the possible rejection of all Bitcoin ETFs (Predicted by Matrixport).
🌐It seems that the news is playing with our capital 🤨 So we should use our analytical power and be able to answer the question in the title of this post: "Stop Hunting or Falling has started❗️❓."
🔨Bitcoin has started to fall from the 🔴Heavy Resistance Zone($52,100-$45,800)🔴 and the Resistance line. In general, the price cannot break the resistance/support areas for the first time most of the time, so one would expect the price to start falling from the 🔴Heavy Resistance Zone($52,100-$45,800)🔴, although I personally expected the price to go a little higher and then start to fall.
🌊According to the theory of Elliott waves, it seems that the main wave 5 has finished in the 🔴Heavy Resistance Zone($52,100-$45,800)🔴, and we should wait for the correction waves to start.
🌊In my opinion, two wave counting scenarios can be considered for Bitcoin, so that it seems that Bitcoin has completed its microwave 3 and is looking to complete microwave 4 (corrective), and then we have to wait for microwave 5, but this microwave 5 can end in two ways:
🔸Bitcoin can break the 🟢Support zone($40,900-$40,200)🟢 and microwave 5 is completed below the 🟢Support zone($40,900-$40,200)🟢, which strengthens our bearish scenario.
🔸Bitcoin can't break the 🟢Support zone($40,900-$40,200)🟢 and microwave 5 closes even a little higher than microwave 3 (microwave 5 is truncated). This scenario reinforces the possibility of Bitcoin's growth again.
❗️⚠️Note⚠️❗️: If Bitcoin can break the 🔴Resistance zone($44,800-$44,160)🔴, the scenario will change
✅Regarding Classical Analysis, if we look at the Bitcoin chart in the 4-hour time frame, we will realize that Bitcoin has succeeded in forming an Ascending Broadening Wedge Pattern.👇
💵Another chart that can help us analyze Bitcoin and the cryptocurrency market is Market Cap USDT Dominance% (USDT.D%).
💵USDT.D% is currently moving in the 🟢Heavy Support zone(5.80%-5.20%)🟢 and the Support line, and I think that USDT.D% will increase at least to the 🔴Resistance zone(6.70%-6.30%)🔴, and then we have to wait for the SEC and see which scenario (it is clear in the chart below / weekly time frame) happens to USDT.D%, so for now, I think we should wait for a temporary increase in USDT.D%.👇
🔄To find out whether Bitcoin will be greatly affected by the USDT.D% increase or not, it is better to check the Market Cap BTC Dominance% (BTC.D%) chart (of course, there are other charts that we can take help from).
🔄BTC.D% seems to have lost the uptrend line and is waiting for the 🟢Support zone(49.46%-47.30%)🟢 to fall, so if the USDT.D% increases, it can be said in a way that Bitcoin will be less affected by the possible fall of the market than other tokens.👇
🔔As a result, I generally expect the cryptocurrency market to experience a correction given the large slope that Bitcoin had from $25,000 to $45,000, and if the 🟢Heavy Support zone(5.80%-5.20%)🟢 of the USDT.D% is broken, we can expect the cryptocurrency market to recover and start to increase again.
🔔The increase of Bitcoin in the last few months is all due to the news of ETFs, and if ETFs are rejected by SEC, we should expect a sharp drop in the market to around $25,000. Even if ETFs are approved, Bitcoin may NOT experience the expected price increase(It reminds me of the "Buy the rumor, Sell the news").
❗️⚠️Note⚠️❗️: An important point you should always remember is capital management and lack of greed.
Bitcoin Analyze ( BTCUSDT ), 4-hour time frame ⏰.
Do not forget to put Stop loss for your positions (For every position you want to open).
Please follow your strategy; 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.
↗️The reason for the Bitcoin Pump was the news of the possible approval of Bitcoin ETFs on Tuesday and Wednesday.
↘️The Bitcoin Dump was due to the possible rejection of all Bitcoin ETFs (Predicted by Matrixport).
🌐It seems that the news is playing with our capital 🤨 So we should use our analytical power and be able to answer the question in the title of this post: "Stop Hunting or Falling has started❗️❓."
🔨Bitcoin has started to fall from the 🔴Heavy Resistance Zone($52,100-$45,800)🔴 and the Resistance line. In general, the price cannot break the resistance/support areas for the first time most of the time, so one would expect the price to start falling from the 🔴Heavy Resistance Zone($52,100-$45,800)🔴, although I personally expected the price to go a little higher and then start to fall.
🌊According to the theory of Elliott waves, it seems that the main wave 5 has finished in the 🔴Heavy Resistance Zone($52,100-$45,800)🔴, and we should wait for the correction waves to start.
🌊In my opinion, two wave counting scenarios can be considered for Bitcoin, so that it seems that Bitcoin has completed its microwave 3 and is looking to complete microwave 4 (corrective), and then we have to wait for microwave 5, but this microwave 5 can end in two ways:
🔸Bitcoin can break the 🟢Support zone($40,900-$40,200)🟢 and microwave 5 is completed below the 🟢Support zone($40,900-$40,200)🟢, which strengthens our bearish scenario.
🔸Bitcoin can't break the 🟢Support zone($40,900-$40,200)🟢 and microwave 5 closes even a little higher than microwave 3 (microwave 5 is truncated). This scenario reinforces the possibility of Bitcoin's growth again.
❗️⚠️Note⚠️❗️: If Bitcoin can break the 🔴Resistance zone($44,800-$44,160)🔴, the scenario will change
✅Regarding Classical Analysis, if we look at the Bitcoin chart in the 4-hour time frame, we will realize that Bitcoin has succeeded in forming an Ascending Broadening Wedge Pattern.👇
💵Another chart that can help us analyze Bitcoin and the cryptocurrency market is Market Cap USDT Dominance% (USDT.D%).
💵USDT.D% is currently moving in the 🟢Heavy Support zone(5.80%-5.20%)🟢 and the Support line, and I think that USDT.D% will increase at least to the 🔴Resistance zone(6.70%-6.30%)🔴, and then we have to wait for the SEC and see which scenario (it is clear in the chart below / weekly time frame) happens to USDT.D%, so for now, I think we should wait for a temporary increase in USDT.D%.👇
🔄To find out whether Bitcoin will be greatly affected by the USDT.D% increase or not, it is better to check the Market Cap BTC Dominance% (BTC.D%) chart (of course, there are other charts that we can take help from).
🔄BTC.D% seems to have lost the uptrend line and is waiting for the 🟢Support zone(49.46%-47.30%)🟢 to fall, so if the USDT.D% increases, it can be said in a way that Bitcoin will be less affected by the possible fall of the market than other tokens.👇
🔔As a result, I generally expect the cryptocurrency market to experience a correction given the large slope that Bitcoin had from $25,000 to $45,000, and if the 🟢Heavy Support zone(5.80%-5.20%)🟢 of the USDT.D% is broken, we can expect the cryptocurrency market to recover and start to increase again.
🔔The increase of Bitcoin in the last few months is all due to the news of ETFs, and if ETFs are rejected by SEC, we should expect a sharp drop in the market to around $25,000. Even if ETFs are approved, Bitcoin may NOT experience the expected price increase(It reminds me of the "Buy the rumor, Sell the news").
❗️⚠️Note⚠️❗️: An important point you should always remember is capital management and lack of greed.
Bitcoin Analyze ( BTCUSDT ), 4-hour time frame ⏰.
Do not forget to put Stop loss for your positions (For every position you want to open).
Please follow your strategy; 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
Comment:
We can expect Bitcoin to fall from the current price.
Comment:
Still valid.
If Bitcoin can break the 🔴Resistance zone($44,800-$44,160)🔴, the scenario will change
If Bitcoin can break the 🔴Resistance zone($44,800-$44,160)🔴, the scenario will change
Comment:
Running well, still valid, just BTC is on the time correction :)
