Bitcoin Breakout Incoming? Flash PMI & CME Gap in Focus

l’altro ieri

Bitcoin(BTCUSDT) started to fall (about -4%) after the news that the US was involved in the Middle East tension, but it has risen again with good momentum.

Do you think Bitcoin will go below the previous bottom($98,200) again on the 1-hour time frame?

Bitcoin is trading in the Resistance zonezone($102,130-$100,700) and near the Resistance lines.

In terms of Elliott Wave theory, it appears that a Double Three Correction(WXY) has been completed near the Potential Reversal Zone(PRZ)[$97,840-$95,890]. Also, the first 5 microwaves of the Impulsive have now been completed.
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Bitcoin traders should monitor today’s Flash Manufacturing (expected 51.1) and Services PMI (expected 52.9). Both forecasts are already lower than last month’s figures (51.3 and 54.8), but I see a chance they come in even weaker.

Why weaker PMI is likely?

Slowing retail sales and softer labor data point to reduced consumer demand.

High interest rates are starting to pressure both the production and services sectors.

Regional Fed surveys already showed a cooling in business activity.

If the PMI prints below expectations, the market may anticipate a more dovish Fed, pushing the dollar(DXY) down and giving Bitcoin a potential bullish boost.
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I expect Bitcoin to move towards filling the CME Gap($103,730-$102,275) after breaking the Resistance lines, and if the Resistance zone($104,380-$103,060) is broken, we should expect further increases.

Cumulative Short Liquidation Leverage: $103,391-$103,934

Cumulative Long Liquidation Leverage: $100,800-$100,250

Cumulative Long Liquidation Leverage: $97,691-$97,241

Note: Increased tensions in the Middle East or new and important news surrounding this news can make the analysis invalid, so be more careful with capital management.

Note: If Bitcoin can touch $98,170[Stop Loss(SL)], we can expect more dumps.

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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l’altro ieri

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Due to the increase in tensions in the Middle East in the previous hours and the lack of a valid break of the resistance lines and the Resistance zone($102,130-$100,700), I canceled the long position.

l’altro ieri

Nota

Long Position was activated

l’altro ieri

Nota

Full Target Done