Bitcoin Analysis—Bulls vs Bears—Who Will Win This Battle!?

10 Şub

As I expected in the previous post, Bitcoin(BTCUSDT) attacked the Support zone($96,520-$95,720) and 100_SMA(Daily) but started to rise again. The increase in the last few hours has NOT been accompanied by high volume so far.

Bitcoin is moving in the Resistance zone($100,520-$97,200) and near the Potential Reversal Zone(PRZ), the upper lines of the Falling Wege Pattern, the Monthly Pivot Point, and 50_SMA(Daily).

According to the theory of Elliott waves, Bitcoin seems to have succeeded in completing the Expanding Flat(ABC/3-3-5) near the upper lines of the Falling Wege Pattern. If Bitcoin goes above $99,200, this wave count will expire.

Educational tip: If you cut the falling wedge pattern exactly in half, you will notice that most of the candles are in the lower half, and whenever Bitcoin hits the upper lines, it starts to fall immediately, which means that the power of sellers is more than buyers. Although the wedge pattern is a bullish pattern, we cannot expect an increase until the upper line is validly broken.

I expect Bitcoin to re-attack the 100_SMA(Daily) and Support zone($96,520-$95,720) in the coming hours, and if it breaks, it will also attack the lower line of the falling wedge pattern.

Note: If Bitcoin breaks the upper lines of the falling wedge pattern in huge volumes, we should most likely wait for the break of the Resistance zone($100,520-$97,200). However, the main resistance of Bitcoin is the $107,000 range.

Note: If Bitcoin manages to break the lower line of the falling wedge pattern and 100_SMA(Daily), we should wait for Bitcoin to attack the Heavy Support zone($93,300-$90,500) and Support lines.

Which scenario do you think will happen to Bitcoin?

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 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.

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11 Şub

İşlem aktif

Trade was activated.

PRZ worked well.

Maybe if you only paid attention to the wedge pattern, you would have entered a long position after the upper line broke, but you should consider all the analytical items.

12 Şub

İşlem kapandı: hedefe ulaştı

First Target Done

12 Şub

Not

Full Target Done

After the publication of the US indices(Core CPI m/m_CPI m/m_CPI y/y)

Of course, technical analysis worked well.