Bitcoin Long Setup: PRZ + Heavy Supports in Action!

Aug 21

Bitcoin(BTCUSDT), as I expected in the previous idea, fell to at least $112,640 and is completing the second target (Full Target).

Bitcoin is approaching the Heavy Support zone($111,980-$105,820) and 100_SMA(Daily), Potential Reversal Zone(PRZ)[$111,650-$110,200], and Cumulative Long Liquidation Leverage($112,200-$111,000), generally, heavy supports and resistances are NOT broken with the first attack, so I am publishing this analysis with the label ''LONG''.

In terms of Elliott Wave theory, Bitcoin is completing a main wave 5, as the main wave 3 was an extended wave.

Also, we can see the Regular Divergence(RD+) between Consecutive Valleys.

I expect Bitcoin to start rising from the Potential Reversal Zone(PRZ)[$111,650-$110,200] and Cumulative Long Liquidation Leverage($112,200-$111,000) and increase to at least $113,617.

Second Target: $114,391

Cumulative Short Liquidation Leverage: $115,157-$114,599

Note: Stop Loss(SL): $110,100

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.

Aug 22

Trade active

Trade was activated in Cumulative Long Liquidation Leverage($112,200-$111,000)

Aug 22

Trade closed: target reached

Full Target Done

Powell's words helped Bitcoin rest of the assets.

Federal Reserve Chairman Jerome Powell has said that current conditions may justify a rate cut.