Bitcoin Range-Bound in Heavy Resistance – CME Gap Still Open!

29 Nis

Bitcoin(BTCUSDT), like Gold, has been moving in a Range for the past 5-6 days and is currently in a Heavy Resistance zone($95,950-$88,500), as it has been in the past few days.

In terms of Elliott Wave theory, Bitcoin appears to be completing a main wave 4. The main wave 4 structure can take two forms: Double Three Correction(WXY)_Expanding Flat(3-3-5).

I label this analysis "Short" for the following reasons:

Due to Bitcoin's higher correlation with the S&P 500 Index(SPX) these days, I am short on the S&P 500 Index.

China’s president Xi Jinping says Trump lied about them having a phone call; it is NOT good news for the S&P 500 Index and Bitcoin.

CME Gap($92,525-$91,415) has NOT filled yet, and I think Bitcoin will NOT start the next bullish rally before filling the CME Gap.

I expect Bitcoin to drop to at least $92,830 and then decline to the Support zone($92,000-$91,400) if the Support lines are broken.

Cumulative Short Liquidation Leverage: $96,741-$95,520

Note: If Bitcoin can touch $97,000, we should expect more pumping.

Note: If Bitcoin goes below the 100_SMA(Daily), we should expect a fall.

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.

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1 May

İşlem aktif

Trade was activated near the Cumulative Short Liquidation Leverage: $96,741-$95,520.

3 May

İşlem kapandı: hedefe ulaştı

First Target Done, and then BTC went UP as I expected, my first target I mentioned =$92,830