Bitcoin at Resistance With Weak Momentum-Bearish Setup

16 May

Bitcoin(BTCUSDT) finally reached the Resistance zone($105,100-$104,520) as I expected yesterday. Of course, the way Bitcoin reached the resistance zone was NOT with high momentum, so I decided to share this analysis with you.

In terms of Classic Technical Analysis, Bitcoin appears to have formed a Rising Wedge Reversal Pattern between Support zone($103,320-$102,600) and Resistance zone($105,100-$104,520) over the past few hours.

In terms of Elliott Wave theory, given Bitcoin’s low momentum and the Heavy Cumulative Short Liquidation Leverage($105,180-$104,412) ahead of Bitcoin, it appears that Bitcoin has completed microwave B of the main wave 4 with a Double Three Correction(WXY).

I expect Bitcoin to decline to at least $102,800 at the first target AFTER breaking the lower line of the Rising Wedge Pattern, and if the Support zone($103,320-$102,600) and lower line of the ascending channel(Major) are broken, we should expect a drop to Cumulative Short Liquidation Leverage($100,763-$99,600).

Note: If Bitcoin touches $105,850, we can expect further increases.

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

Be sure to follow the updated ideas.

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17 May

İşlem aktif

Trade was activated after breaking the lower line of the wedge.

17 May

İşlem kapandı: hedefe ulaştı

First Target Done