Bitcoin Analysis ==>> Bearish Pennant Pattern!!!

22 oct. 2024

Bitcoin( BTCUSDT ) moved and filled the CME Gap as ✅I expected from the previous post.

Bitcoin was able to move itself below the Important Resistance Line and Resistance zone($70,080- $68,250).

Regarding Elliott wave theory, Bitcoin seems to have completed the main wave 5 as I expected with the Ending Diagonal. Currently, Bitcoin has completed 5 bearish (small) waves and is completing corrective waves.

In terms of Classical Technical Analysis, Bitcoin has the ability to form a Bearish Pennant Pattern or Head and Shoulders Pattern. (I drew the pattern separately for you so that the chart is not busy.)👇

I expect Bitcoin to continue its decline to at least $65,500, and if the Support zone($66,500- $64,480) is broken, we should expect more Bitcoin declines.

⚠️Note: If Bitcoin can break the Resistance zone($70,080-$68,250) and Resistance lines, we should wait for a new All-Time High(ATH) for Bitcoin.⚠️


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

🔔Be sure to follow the updated ideas.🔔

Do not forget to put 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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23 oct. 2024

Transaction en cours

Trade was activated

23 oct. 2024

Trade fermée: cible de profit atteinte

First Target Done