From Bear Trap to Breakout: Bitcoin Roadmap

3 gün önce

Bitcoin(BTCUSDT) started to rise again(with a high momentum)
yesterday after failing to break the Heavy Support zone($93,400-$90,000)(Bear Trap formation).

Educational Tip: Its quick return after exiting the Heavy Support zone($93,400-$90,000) with high volume was one of the signs of a bear trap.


Regarding Elliott wave theory, it seems Bitcoin successfully completed a Zigzag Correction(ABC/5-3-5) yesterday and is currently completing the next five impulsive waves. Likely, Bitcoin is still in correction waves.

I expect Bitcoin to start correcting from the Resistance zone($100,000-$98,080), 50_SMA(Daily), and Monthly Pivot Point and start to rise again from the Potential Reversal Zone(PRZ)[$95,140-$93,500] and attack the Resistance zone($100,000-$98,080).

⚠️Note: If Bitcoin breaks the Heavy Support zone($93,400-$90,000), we should expect a fall with high momentum (it is unlikely that another Bear Trap will be created).


⚠️Note: If Bitcoin goes below the Potential Reversal Zone(PRZ)[$95,140-$93,500], there is a high possibility that Bitcoin will break the Heavy Support zone($93,400-$90,000).

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Bitcoin Analyze (BTCUSDT), 1-hour time frame⏰.

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3 gün önce

Not

It seems that five impulse waves have been completed, and we can expect a correction to the Potential Reversal Zone(PRZ)[$95,140-$93,500].

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İşlem aktif

My Short Position activated.

After announcing the US rates(Core CPI m/m, CPI m/m, CPI y/y), Bitcoin started pumping and reached the Targets I told you yesterday, although I expected Bitcoin to correct and increase then.

I expect Bitcoin to decline or correct at least to the support lines and support zone($97,750-$97,200). If the support zone breaks, we can expect more falls.

If Bitcoin touches $101,020, we should also expect an increase and break of the upper Resistance zone($102,420-$101,320).

evvelsi gün

Not

Another reason that Bitcoin is likely to correct is that USDT.D% has approached the next support zone after breaking the support zone, and we are likely to see a pullback from the recent support zone to the broken support zone.

We can confirm the main upward movement of Bitcoin when the Support lines are broken (valid).

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İşlem kapandı: hedefe ulaştı

Bitcoin Update

Target Done