Bitcoin Roadmap – Breakdown Toward $107K or Bounce?

5 set

Bitcoin(BTCUSDT) has been moving with high momentum this week, with the US indexes and Gold(XAUUSD) bullish.

Bitcoin is currently trying to break the Support lines, Support zone($110,920-$110,200) and 100_EMA(Daily).

In terms of Elliott Wave theory, it seems that the waves that Bitcoin has made this week have been in the form of a Triple Three Correction(WXYXZ).

I expect Bitcoin to decline to at least $109,133(First Target) AFTER the Supports are broken.

Second Target: $107,740

Third Target: $106,660

Stop Loss(SL): $114,108(Worst)

Note: As I said at the beginning of this analysis, the financial markets have been a bit emotional and sudden with their movements this week, so always be prepared for any scenario and pay more attention to capital management.

Note: Generally, trading volume is low on Saturdays and Sundays. Perhaps it is a bit far-fetched to expect a break of the Heavy Support zone($111,980-$105,820) during the weekend. What do you think?

Cumulative Short Liquidation Leverage: $114,976-$113,440

Cumulative Short Liquidation Leverage: $111,907-$111,607

Cumulative Long Liquidation Leverage: $109,346-$108,259

Cumulative Long Liquidation Leverage: $107,181-$106,479

CME Gap: $117,235-$113,800

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

Bitcoin Analysis (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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6 giorni fa

Trade attivo

Trade was activated

5 giorni fa

Nota

BTC analysis is still valid

During the weekend, as I expected, due to low trading volume, I did not expect a big move from Bitcoin.

Bitcoin is currently trading near the Potential Reversal Zone(PRZ)[$113,000-$112,190] and Cumulative Short Liquidation Leverage($112,600-$112,219).

It seems we can still hope for a drop in Bitcoin.

First Target: $110,323

Second Second: $109,430

Stop Loss(SL): $114,108(Worst)

New Cumulative Short Liquidation Leverage: $114,206-$113,446

New Cumulative Long Liquidation Leverage: $110,200-$109,949

New Cumulative Long Liquidation Leverage: $109,500-$108,910

4 giorni fa

Nota

Bitcoin analysis remains valid.