Geopolitical Tensions & Technical Pattern Point to BTC Decline!

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Bitcoin(BTCUSDT) fell about -5% after tensions between Israel and Iran escalated. Unfortunately, these tensions are still escalating, but Bitcoin has managed to recover about +3% so far.

Bitcoin is moving near the Resistance zone($107,120-$105,330) and Cumulative Short Liquidation Leverage[$107,043-$105,981].

In terms of Elliott Wave theory, it seems that Bitcoin is completing a corrective wave. The corrective wave structure could be Contracting Triangle. In case of a sharp decline in Bitcoin again, we can consider these waves as five descending waves (if Bitcoin does NOT touch $106,600).

I expect Bitcoin to start declining again and at least drop to the Support zone($107,120-$105,330). The second Target could be the Support line and Cumulative Long Liquidation Leverage[$104,375-$103,162].

Note: If Bitcoin can break the Resistance zone($107,120-$105,330), we can expect further increases in Bitcoin.

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

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İşlem aktif

It seems like Bitcoin still has a chance to fall, at least in the price range where we can get a good Risk-To-Reward.

14 saat önce

İşlem kapandı: durdurma seviyesi

With a slight difference, BTC started to fall again, but this is normal in financial markets. The best way is to stick to capital management.