Bitcoin Inside a Rising Wedge — Breakout or Breakdown?

Mar 16

After the start of the military conflict in the Middle East, Bitcoin(BTCUSDT) hasn’t performed with strong momentum; instead, it has been trading in a range over these past few days. The question now is whether Bitcoin can make a major move or if it will remain in this price range. So, stay with me.

Right now, Bitcoin is moving in a resistance zone($76,620-$71,700), close to the Cumulative Short Liquidation Leverage($75,650-$74,520).

From a classic technical analysis perspective, it appears that Bitcoin is inside a rising wedge pattern, which is a bearish reversal formation.

From an Elliott Wave theory perspective, it seems that Bitcoin is completing microwave C of the main wave Y within this rising wedge pattern.

I expect that in the coming hours, if conditions align—considering that USDT.D%(USDT.D)and the S&P 500 index(SPX500) are both bullish—Bitcoin could drop again and rise back up at least to $71,100.

Bitcoin’s movements these days are heavily influenced by the Middle East news and the important S&P 500 index. So, it’s better to focus more on short-term moves and, as always, manage your capital carefully.

First Target: $71,100

Second Target: Support zone($70,100-$69,130)

Third Target: $68,437

Stop Loss(SL): $77,133

Points may shift as the market evolves

Cumulative Long Liquidation Leverage: $72,280-$71,490

New CME Gap: $71,845-$71,495

Do you think Bitcoin can reach $80,000, or should we be prepared for another Bitcoin drop? Let me know your thoughts!

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

📌Bitcoin Analysis (BTCUSDT), 4-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 17

Trade active

Trade was activated on Cumulative Short Liquidation Leverage($75,650-$74,520).

Mar 18

Trade closed: target reached

First Target Done

Mar 23

Note

Full Target Done