Bearish Setup in Bitcoin – Correction Before Deeper Drop?

2 days ago

Bitcoin(BTCUSDT) started to decline and broke the ascending channel and Support zone($114,820-$113,170) with the help of the Bearish Flag Pattern, as I expected in the previous idea update.

Do you think Bitcoin can go below $105,000!?

Bitcoin is once again approaching 100_EMA(Daily) and the Heavy Support zone($112,000-$105,800).

From the perspective of Elliott Wave theory, Bitcoin appears to have completed the Zigzag Correction(ABC/5-3-5) in the ascending channel, and now it seems that we should expect bearish waves.

I expect Bitcoin to FAIL to break the 100_EMA(Daily) with one attack and have an upward correction to Fibonacci levels and Cumulative Short Liquidation Leverage($114,098-$113,229), and then re-attack the Heavy Support zone($112,000-$105,800) and 100_EMA(Daily).

Cumulative Long Liquidation Leverage: $111,850-$110,421

Note: If Bitcoin goes above $115,000, we should expect Bitcoin to rise again.

Note: There is also a possibility that the SPX500 index(SPX) will also correct and, given Bitcoin's correlation with this index, cause Bitcoin to correct further.

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Bitcoin Analysis (BTCUSDT), 4-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).

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2 days ago

Trade active

The short position was activated in Cumulative Short Liquidation Leverage($114,098-$113,229)

2 days ago

Trade closed: target reached

Long and Short Position = Target Done