Bitcoin Tests Resistance: Will the CME Gap Get Filled?

5 days ago

Bitcoin(BTCUSDT) continued its downward trend as I expected in the previous post, but over the past 12 hours, Bitcoin has started to increase from Potential Reversal Zone(PRZ)[$76,350_$72,650]. The question is whether this upward trend will continue in the past few hours or not!?
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JOLTS Job Openings & Its Potential Impact on Bitcoin

The JOLTS Job Openings report will be released today, March 11. It provides key insights into the U.S. labor market. This data can influence the Federal Reserve’s monetary policy stance, impacting risk assets like Bitcoin.

Potential Impact on Bitcoin:

Higher-than-expected job openings: Signals labor market strength, increasing the likelihood of Fed tightening → Bearish for Bitcoin

Lower-than-expected job openings: Suggests labor market weakness, increasing the odds of rate cuts → Bullish for Bitcoin

Historical Influence:

In previous months, JOLTS data has triggered volatility across financial markets, including crypto. For instance, a sharp decline in job openings last year led to a weaker dollar and Bitcoin rally. Conversely, stronger-than-expected job numbers have reinforced hawkish Fed expectations, pressuring Bitcoin.


I believe there's a higher probability that the JOLTS report will come in weaker than expected, which could lead to a short-term rally in Bitcoin and gold. However, if the report is stronger than anticipated, we might see temporary selling pressure in the market. What is your idea!?

Today's positive news was "Trump Plans Order to End Crypto Banking Restrictions". In general, Trump's statements no longer affect the crypto market as much as before. Do you agree with me?
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Now let's take a look at the Bitcoin chart on the 1-hour timeframe and use technical analysis tools.

Bitcoin is moving in the Resistance zone($84,130_$81,500) and near the 200_SMA(Daily).

According to Elliott Wave theory, Bitcoin has completed five down waves, and we should wait for the next up waves. One of the signs of the end of wave 5 is the presence of a Regular Divergence (RD+) between two consecutive valleys.

According to the above explanation, I expect Bitcoin to re-attack the Resistance zone($84,130_$81,500) after a downward correction and attempt to fill the CME Gap($86,400_$84,200).

Note: If Bitcoin can move above $87,200, we can expect the start of an uptrend.

Note: We should expect a bigger drop if Bitcoin falls below $72,000.

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

Bitcoin Analyze (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.

Please do not forget the ✅' like'✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.

4 days ago

Trade active

Trade was activated after correction that I expected.

4 days ago

Trade closed: target reached

Target Done