Expanding Ending Diagonal Can Cause a Correction in Bitcoin🧐

pejman_zwin Updated   
BINANCE:BTCUSDT   Bitcoin / TetherUS
👋Hi everyone.

🚀Bitcoin continued its upward trend after a series of News and Joe Biden's strange Tweet (red eyes).

🏃‍♂️Bitcoin is moving near the upper reaches of the 🔴Heavy Resistance zone($53,000-$47,000)🔴, Resistance lines, and 🟡Potential Reversal Zone(PRZ)($52,700-$51,780)🟡.

🌊According to the Elliott wave theory, it seems that Bitcoin has chosen the Expanding Ending Diagonal Pattern to complete the fifth wave(As long as Bitcoin cannot break the 🔴Heavy Resistance zone($53,000-$47,000)🔴, this wave count is valid.).

📚The Expanding Ending Diagonal Pattern (Elliot's point of view) is the same as the Ascending Broadening Wedge Pattern (Classical Analysis point of view).

❗️⚠️Note⚠️❗️: If Bitcoin can touch $53,700, some corrective scenarios will expire, and we can expect Bitcoin to continue its upward trend to $56,000 in the coming days.

🔔I expect Bitcoin to go down to at least $50,000, where the most volume trading has happened around this price in the past few days, and if Bitcoin can create a candle below $50,000 in the 4-hour time frame, we can expect a lower line of Expanding Ending Diagonal Pattern will break, and Bitcoin will fall even to the 🟢Support zone($49,000-$47,000)🟢.

📚Elliott waves include a series of Rules and Guidelines that you can analyze and predict the road map of the price. In general, in the theory of Elliott waves, you are faced with several scenarios in which you should find the correct scenario with the help of other technical analysis tools and fundamental analysis and try to identify the correct scenario from the false scenario.

❤️In the end, here is some advice for you as a little brother:

🔸TradingView website has provided us with a suitable space to transfer our analysis, so it is better to use it and NOT waste our time on destruction or ugly comments.

🔸If you have any comments, please share them with respect.

🔸No analysis is 100%, so if you use analysis as an investment, it is better to follow capital management and take responsibility for it yourself.

🔸I hope we can use TradingView to increase our capital and knowledge.

❗️⚠️Note⚠️❗️: An important point you should always remember is capital management and lack of greed.

Bitcoin Analyze ( BTCUSDT ), 4-hour time frame ⏰.

Do not forget to put Stop loss for your positions (For every position you want to open).

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Trade active
Still valid,

Saturday and Sunday trading volume is basically low; maybe the main movement will happen in the new week.

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