Failed Breakout + Rising Wedge = Bearish Signal for Bitcoin!?

15 Nis

Bitcoin(BTCUSDT) attacked the Resistance zone ($87,520-$85,840) and the important Resistance line as I expected in yesterday's idea, but it seems that it failed to break.

Bitcoin is moving between two Support and Resistance zones.

From a Classic Technical Analysis, Bitcoin appears to have formed a Rising Wedge Pattern.

From an Elliott Wave theory, Bitcoin appears to have completed a main wave 5 on the 1-hour time frame.

Also, we can see the Regular Divergence(RD-) between Consecutive Peaks.

If we look at the Bitcoin chart in the 4-hour timeframe, a Shooting Star Candlestick Pattern with high volume is clearly visible near the Resistance zone ($87,520-$85,840), which could signal a reversal and decline in Bitcoin.

I expect Bitcoin to start declining again after an upward correction and break the lower line of the rising wedge pattern, and reach the targets I have indicated on the chart.

Cumulative Short Liquidation Leverage: $87,708-$86,487

Cumulative Long Liquidation Leverage: $84,520-$83,687

Do you think Bitcoin can finally break the important resistance line? I would like to hear your thoughts.

Note: If Bitcoin breaks above the Resistance zone ($87,520-$85,840), we can expect a pump.

Note: If Bitcoin falls below $81,000, we can expect further declines.

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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16 Nis

İşlem aktif

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

22 Nis

İşlem kapandı: hedefe ulaştı

First Target Done