Bitcoin Roadmap: Can BTC Hold the $108K Before Next Big move!?Bitcoin( BINANCE:BTCUSDT ) managed to break the Support zone($110,920-$109,900) and Support lines yesterday with the help of a Bearish Marubozu Candle(the Marubozu candle volume was acceptable).
Bitcoin is still moving in the Heavy Support zone($112,000-$105,800) and near the important Support line, Potential Reversal Zone(PRZ) , Cumulative Long Liquidation Leverage($108,165-$107,000).
In terms of Elliott Wave theory, Bitcoin appears to be completing microwave 5 of the main wave 3. Microwave 4 of the main wave 3 is of the Contracting Triangle type, and the main wave 3 is of the extended type.
I expect Bitcoin to start rising and attack the Resistance lines after completing the main wave 3 from the Potential Reversal Zone(PRZ) , Support zone($108,200-$107,240), and Important Support line.
Cumulative Short Liquidation Leverage: $110,624-$109,836
Note: If Bitcoin touches $106,800, we can expect a break of the Heavy Support zone($112,000-$105,800).
Note: If Bitcoin goes above $111,000, we can expect a renewed rise in Bitcoin.
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One of the indices that helps the Roadmap of Bitcoin and other tokens is the USDT.D%.
USDT.D% currently seems to have managed to break the heavy resistance zone and this is NOT good news for Bitcoin and other tokens, and perhaps a further correction in the crypto market is on the way.
USDT.D%’s roadmap for me is that it is almost in line with today’s analysis of Bitcoin.
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Bitcoin Analysis (BTCUSDT), 1-hour time frame.
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