Bitcoin at PRZ! Is This the Calm Before a Drop?

13 mag

As I expected in yesterday's idea, Bitcoin(BTCUSDT) started to rise from near the Support line and hit the Target.

Bitcoin is trading near the Potential Reversal Zone(PRZ)[$103,130-$101,430], the upper line of the ascending channel(minor) , and the Resistance line.

In terms of Elliott Wave theory, it seems that Bitcoin has successfully completed the microwave B of the main wave 4 in the ascending channel(minor). A break of the lower line of the ascending channel(minor) could be a sign of the completion of this wave. The corrective structure of the main wave 4 so far could be a Zigzag(ABC/5-3-5).

I expect Bitcoin to drop to at least $100,923 AFTER breaking the lower line of the ascending channel(minor) and breaking the Support line, the next target could be the lower line of the ascending channel(major).

Cumulative Short Liquidation Leverage: $106,943-$105,913

Cumulative Short Liquidation Leverage: $105,525-$104,500

Cumulative Long Liquidation Leverage: $100,763-$99,774

Note: If Bitcoin goes above $105,300, we can expect more pumps.

Note: If Bitcoin touches $99,400, we should 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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14 mag

Trade attivo

The important price is $104,000

The first target could be: $101,223 for a short position.

15 mag

Trade chiuso: obiettivo raggiunto

Target Done

For me, a short position was enough, although Bitcoin might go lower.