Bitcoin Approaches PRZ – Will the Falling Wedge Break ?

27 giu

Bitcoin(BTCUSDT) failed to break through the Support zone($106,800-$105,820) after attacking it five times, and started to rise again.

Bitcoin is currently moving near the Resistance zone($109,220-$108,280), Cumulative Short Liquidation Leverage($108,800-$108,085), Potential Reversal Zone(PRZ)[$109,300-$108,660], and Resistance lines.

From a Classical Technical Analysis perspective, Bitcoin's movements over the past two days seem to have formed a Falling Wedge Pattern.

From an Elliott Wave theory perspective, Bitcoin appears to have completed the main wave 4 within the Falling Wedge Pattern. The structure of the main wave 4 was a Double Three Correction(WXY).

I expect Bitcoin to attack the Resistance lines after breaking the upper line of the Falling Wedge Pattern. If Bitcoin fails to break the Resistance lines before the global markets close, we can expect Bitcoin to fall again. Because entering Saturday and Sunday, the trading volume is generally low, and I think Bitcoin needs a lot of volume to break the resistances.

Do you agree with me?

CME Gap: $106,645-$106,295

Cumulative Long Liquidation Leverage: $106,055-$105,430

Note: If Bitcoin manages to break the Support zone($106,800-$105,820), 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.

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28 giu

Trade attivo

Trade was activated near the lower line of the falling wedge

29 giu

Trade chiuso: obiettivo raggiunto

Target Done