BTC is a finest SL hunter these days.

9. Sept. 2021

#BTCUSDT #Binance #Daily #Midterm
- What a sharp drop! Bitcoin was rejected thoroughly at 52K zone which is around bottom of the major orderblock formed around early May 2021.
- I have addressed this very resistance gathering technical factors such as numerous upward trendlines, top of the parallel channels, and projection/expansion/retracement levels of the wave structures.
- In my Elliott Wave perspective, since Bitcoin has failed swing high, I am leaning slightly more towards the 52K high being the end of the wave B and thus expecting another bearish wave to come which then would be wave C.
- In a shorter term, make sure to consistently check whether bottoms of the yellow and white channels are valid.
- From the fact that the bottom of the recent dip happens to be located at the LVP(Low Volume Peak), I will definitely be more bearish if bottom of the yellow channel fails supporting.
- Here are some of the areas that I find them attractive to enter long position if we observe more drops: 37K~38K (Valid until 9/18), 33.2K~34.8K (Valid until 10/05).
- If these supports are broken later, according to many wave theories and methodologies, I strongly expect Bitcoin to rally down to test the mid-term bottom around 29K. The ultimatum support that I am considering is around 23K~25K.
- Lastly, if Bitcoin sort of forms widening or broadening pattern and make an HH, the next resistance that I deducted is 56.5K~58.5K.