Bitcoin vs Resistance Zones | Fake Breakdown Below the Channel!

19 May

Bitcoin(BTCUSDT) has been moving up and down with high momentum over the past 24 hours and finally fell below the lower line of the ascending channel. Is this break of the lower line of the ascending channel valid?

Bitcoin is trading near the Resistance zone($105,100-$104,140), Cumulative Short Liquidation Leverage($104,478-$103,941). Since the volume of breaking of the lower line of the ascending channel is NOT high, the probability of a fake break is very high (in my opinion).

In terms of Elliott Wave theory, the structure of the main wave 4 seems to be an Expanding Flat(ABC/3-3-5). The main wave 5 could lead to the formation of a new All-Time High(ATH).

One of the reasons why I think we saw a Fake Break below the lower line of the ascending channel is that I think the S&P500 Index(SPX) will trend upward, and given the high correlation between Bitcoin and S&P500 Index these days, we can expect Bitcoin to increase.

I expect Bitcoin to start rising again AFTER breaking the Resistance zone($105,100-$104,140) and touch the targets I have indicated on the chart.

Note: If Bitcoin touches $101,800, we can expect more dumps.

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 a 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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20 May

İşlem aktif

Trade was activated after breaking the Resistance zone($105,100-$104,140)

20 May

Not

If you open a Long position, you can transfer the Stop Loss(SL) to the Entry Point(EP) = Risk-Free

20 May

İşlem elle kapatılmış

Risk Free was touched.

20 May

Not

I opened another long

20 May

Not

Again I closed long and opened short, small Profit.