Bearish Setup in Bitcoin – Correction Before Deeper Drop?

22 set

Bitcoin(BTCUSDT) started to decline and broke the ascending channel and Support zone($114,820-$113,170) with the help of the Bearish Flag Pattern, as I expected in the previous idea update.

Do you think Bitcoin can go below $105,000!?

Bitcoin is once again approaching 100_EMA(Daily) and the Heavy Support zone($112,000-$105,800).

From the perspective of Elliott Wave theory, Bitcoin appears to have completed the Zigzag Correction(ABC/5-3-5) in the ascending channel, and now it seems that we should expect bearish waves.

I expect Bitcoin to FAIL to break the 100_EMA(Daily) with one attack and have an upward correction to Fibonacci levels and Cumulative Short Liquidation Leverage($114,098-$113,229), and then re-attack the Heavy Support zone($112,000-$105,800) and 100_EMA(Daily).

Cumulative Long Liquidation Leverage: $111,850-$110,421

Note: If Bitcoin goes above $115,000, we should expect Bitcoin to rise again.

Note: There is also a possibility that the SPX500 index(SPX) will also correct and, given Bitcoin's correlation with this index, cause Bitcoin to correct further.

Please respect each other's ideas and express them politely if you agree or disagree.

Bitcoin Analysis (BTCUSDT), 4-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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22 set

Trade attivo

The short position was activated in Cumulative Short Liquidation Leverage($114,098-$113,229)

23 set

Trade chiuso: obiettivo raggiunto

Long and Short Position = Target Done