Before diving into the Bitcoin analysis, it’s worth noting that Bitcoin has had a strong correlation with the SPX500 index(
SPX) in recent weeks. So, alongside analyzing Bitcoin, it’s a good idea to keep an eye on the SPX500 chart these days.
Currently, Bitcoin(
BTCUSDT) is moving in a Support zone($10200,980-$96,880) near a Potential Reversal Zone(PRZ)[$97,000-$99,420] and a Cumulative Long Liquidation Leverage($99,145-$97,208).
From an Elliott Wave perspective, it looks like Bitcoin is forming an Expanding Ending Diagonal to complete the microwave 5 of the main wave 5.
Also, we can see a Regular Divergence(RD+), which is a good sign of a potential reversal.
Given my expectation that the SPX500 Index will start to rise again, I also expect that Bitcoin will follow suit and could climb at least to around $104,200.
Cumulative Short Liquidation Leverage: $105,074-$104,551
Stop Loss: $96,178
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.
SPX) in recent weeks. So, alongside analyzing Bitcoin, it’s a good idea to keep an eye on the SPX500 chart these days.Currently, Bitcoin(
BTCUSDT) is moving in a Support zone($10200,980-$96,880) near a Potential Reversal Zone(PRZ)[$97,000-$99,420] and a Cumulative Long Liquidation Leverage($99,145-$97,208).From an Elliott Wave perspective, it looks like Bitcoin is forming an Expanding Ending Diagonal to complete the microwave 5 of the main wave 5.
Also, we can see a Regular Divergence(RD+), which is a good sign of a potential reversal.
Given my expectation that the SPX500 Index will start to rise again, I also expect that Bitcoin will follow suit and could climb at least to around $104,200.
Cumulative Short Liquidation Leverage: $105,074-$104,551
Stop Loss: $96,178
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.
Transaction en cours
Trade was activated when BTC touched the Potential Reversal Zone(PRZ)[$97,000-$99,420]
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🎁Get a 20% Discount on your trading FEE on BYBIT:👉partner.bybit.com/b/PEJMANZWIN
Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.