BTC Near Resistance Again_ This Triangle Could Decide the Next

Jun 11

In the past couple of days, Bitcoin(BTCUSDT) has been largely influenced by Middle Eastern news and U.S. indices, especially the S&P 500(SPX500). Recently, Bitcoin has begun an upward movement, and at the moment, it’s near the Cumulative Short Liquidation Leverage($64,560-$63,430), resistance zone($64,200-$63,280), and the upper line of a descending channel, right at the resistance lines.

From a classical technical analysis perspective, Bitcoin could be forming a symmetrical triangle pattern, which is a continuation pattern. Since the prior trend was downward, we could anticipate further decline in the coming weeks based on that pattern.

From an Elliott Wave perspective, Bitcoin still seems to be in the completion of its main wave 4.

I expect that after approaching the key level of $63,320 and the Cumulative Short Liquidation Leverage($64,560-$63,430), Bitcoin will begin to decline, dropping at least to $62,230. If the momentum of the break is strong, we might even see further decline toward the Cumulative Long Liquidation Leverage($64,560-$63,430).

First Target: $62,230

Second Target: Cumulative Long Liquidation Leverage($64,560-$63,430)

Stop Loss(SL): $64,720(Worst)

What are your thoughts on Bitcoin? Can it stay above $65,000, or should we expect a deeper drop? Let me know your view!

💡 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!

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Jun 11

Trade active

Jun 11

Note

Second Target: Cumulative Long Liquidation Leverage($61,100-$60,340)

Jun 15

Trade closed: stop reached

Global markets reacted positively to news of a preliminary agreement between Iran and the United States.

At the same time, Brent crude oil is trading around $83.00, down nearly -5% compared to last week's closing price, as concerns over supply disruptions in the Middle East continue to ease.

Hopefully, the shadow of war will disappear from all nations, and the Russia–Ukraine conflict will also come to an end soon.

Over the past two to three months, financial markets have been heavily influenced by geopolitical tensions and military conflicts in the Middle East. Hopefully, we will now see a period of greater stability, allowing traders and investors to operate in a calmer and more predictable environment.