Bitcoin’s Path to ATH: Final Wave or Just a Pause?

12 mag

Bitcoin(BTCUSDT) pumped about +2% after the "The United States has dropped its tariffs on Chinese goods to 30%, down from a brutal 145%, while China is slashing its own duties on US imports to just 10%, temporarily, for the next 90 days." news, but then started to decline again. Do you think Bitcoin can see the new All-Time High(ATH)?

Bitcoin is moving near the Support zone($102,200-$101,680) and Support line.

In terms of Elliott wave theory, Bitcoin appears to have completed microwave 3 of the main wave 5 and is currently completing microwave 4 of the main wave 5.

Given the momentum of the decline a few hours ago, I expect Bitcoin to either touch the previous low or create a new low in the 1-hour timeframe.

I expect Bitcoin to attack the Support zone($102,200-$101,680) once again and possibly touch the Support line and then attack towards the Resistance zone($109,588-$105,865) with the two scenarios I outlined on the chart.

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

Cumulative Short Liquidation Leverage: $105,313-$104,787

Cumulative Long Liquidation Leverage: $102,198-$101,697

Note: If Bitcoin can move above $104,500 without correction, we can expect more pumping.

Note: If Bitcoin falls below $101,500, we can expect more declines.

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Bitcoin Analyze (BTCUSDT), 1-hour time frame.

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7 giorni fa

Trade attivo

Trade was activated in Cumulative Long Liquidation Leverage: $102,198-$101,697

7 giorni fa

Trade chiuso: obiettivo raggiunto

Target Done