Bitcoin Correction Started!?

vorgestern

Bitcoin(BTCUSDT) started pumping again today with the help of the following two News:

1-Chinese Court Declares Bitcoin and Crypto Ownership Legal.

2-Trump Plans White House Crypto Advisor Role.

These days, Bitcoin is more influenced by the news than before.

Bitcoin managed to break the Important resistance lines with the help of the above news.

Since Bitcoin does NOT have a previous price history at current prices, its analysis is associated with challenges, but I will try to analyze it for you with technical analysis tools and other parameters.

Bitcoin reacted well to the new Potential Reversal Zone(PRZ)[$101,000-$98,700].But Bitcoin could not touch the magic number of $100,000; one of the reasons for not touching this number is many sell orders that were exactly on the number of $100,000.

According to the Elliott wave theory, Bitcoin has entered five new impulsive waves after breaking the important resistance lines. It completed the main wave 5.
It seems that we can wait for Bitcoin correction waves.

In terms of Classic Technical Analysis, Bitcoin seems to be completing the Bump phase and entering the Run phase of the Bump-and-Run Top Pattern.👇

It also seems that USDT.D%(USDT.D) will have an upward trend, which can cause Bitcoin correction.

I expect Bitcoin to attack the lower line of the ascending channel after approaching the Resistance zone($97,642-$97,180).

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

⚠️Note: If Bitcoin goes above $98,700, we can expect it to touch $100,000.⚠️

⚠️Note: Bitcoin can start to rise again from the lower line of the ascending channel.⚠️

⚠️Note: We should expect a deeper correction if Bitcoin goes below the Support zone($95,600-$92,000) and breaks the lower line of the ascending channel⚠️

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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vor 18 Stunden

Trade geschlossen: Ziel wurde erreicht

First Target Done