As expected in the previous idea, Bitcoin(
BTCUSDT) has dropped to $93,040(Target done).
The question now is whether Bitcoin will continue its downward trend or not.
Currently, Bitcoin is moving near the Support zone($93,200-$87,340) and key Support lines.
From the perspective of Elliott Wave Theory, Bitcoin seems to be completing Wave 5, with the Wave 3 being extended.
I expect Bitcoin to start rising again by entering the Cumulative Short Liquidation Leverage($92,869-$91,763) and possibly from the lower line of the descending channel.
There is a possibility of a fake breakout, but be careful of the momentum of the decline.
First Target: $95,297(near the upper line of descending channel)
Second Target: $96,831
Stop Loss(SL): $90,727
Points may shift as the market evolves
Cumulative Long Liquidation Leverage: $98,338-$96,913
CME Gap: $92,525-$91,415
Note: Since Bitcoin has had a high correlation with the S&P 500(
SPX) recently, and if the S&P 500 continues to decline, we can expect Bitcoin to follow suit.
Another important note is that rising tensions between the U.S. and Venezuela could also impact the crypto market, so we should keep that in mind.
Where do you think Bitcoin’s correction will go?
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.
Please do not forget the ✅' like'✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
BTCUSDT) has dropped to $93,040(Target done).The question now is whether Bitcoin will continue its downward trend or not.
Currently, Bitcoin is moving near the Support zone($93,200-$87,340) and key Support lines.
From the perspective of Elliott Wave Theory, Bitcoin seems to be completing Wave 5, with the Wave 3 being extended.
I expect Bitcoin to start rising again by entering the Cumulative Short Liquidation Leverage($92,869-$91,763) and possibly from the lower line of the descending channel.
There is a possibility of a fake breakout, but be careful of the momentum of the decline.
First Target: $95,297(near the upper line of descending channel)
Second Target: $96,831
Stop Loss(SL): $90,727
Points may shift as the market evolves
Cumulative Long Liquidation Leverage: $98,338-$96,913
CME Gap: $92,525-$91,415
Note: Since Bitcoin has had a high correlation with the S&P 500(
SPX) recently, and if the S&P 500 continues to decline, we can expect Bitcoin to follow suit.Another important note is that rising tensions between the U.S. and Venezuela could also impact the crypto market, so we should keep that in mind.
Where do you think Bitcoin’s correction will go?
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.
Please do not forget the ✅' like'✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.