đ§Today, I want to analyze Bitcoin for you in a weekly time frame so that maybe it can give us a good view of the continuation of Bitcoin's movement.
đââïžIf you look at the chart, Bitcoin is moving in the Ascending Channel in the weekly time frame, the ascending channel I have drawn seems to be a valid channel, so that the middle line of the ascending channel has played the role of resistance and support well.
đââïžBitcoin is moving near the ascending channel's midline, the pitchfork line, the Resistance lines, and the đĄPotential Reversal Zone(PRZ)($82,800-$73,200)đĄâĄïžSo it shows that Bitcoin is facing an Important Resistance(Supply zone).
âïžIf we look at the chart, it looks like we can expect similar moves before the 2020 Halving. Move 1 is similar to move 3, and moves 2 and 4 are similar, so if we want to expect similar moves, Bitcoin should start correcting. And until the 38.2% and 50% Fibonacci corrections (we should NOT consider the decrease of Bitcoin in Covid). I have drawn the possible move for you in the chart below.đ
đAccording to the theory of Elliott waves, Bitcoin can follow two scenarios, and it depends on future events and news. The scenario is as follows:
đBullish scenario (more likely due to Halving, ETF, etc): Bitcoin has completed the main wave 3 at $73,777, and we should wait for the start of the main wave 4 and then increase towards $87,000-$99,000-$112,000.
đšBearish Scenario: Bitcoin has finished the main wave C at $73,777 (or a little higher), and in case of breaking the đąHeavy Support zone($50,000-$38,500)đą, we should wait for Bitcoin to fall (the fall can continue up to đ±$18,000đ±). Of course, according to the current market conditions, this scenario is somewhat unlikely, but it is still possible, if Bitcoin goes above $77,000, this scenario will be removed in general.
đĄIf we look at the RSI indicator in the weekly time frame, we can see that it seems that the RSI has succeeded in forming a Rising Wedge pattern, which can correct the upcoming correction of Bitcoin.
đĄIn the 1-hour time frame, Bitcoin has formed an Ascending Broadening Wedge pattern, which can be a sign to start the correction of Bitcoin.
đAccording to the above explanation, we can conclude that Bitcoin correction can start soon; Bitcoin can have a correction to đąHeavy Support zone($50,000-$38,500)đą and then we have to wait for the next movement of Bitcoin(Re-pumping is more likely).
âïžâ ïžNoteâ ïžâïž: An important point you should always remember is capital management and lack of greed.
Bitcoin Analyze ( BTCUSDT ), Weekly time frame â°.
Do not forget to put Stop loss for your positions (For every position you want to open).
Please follow your strategy; this is just my Idea, and I will gladly see your ideas in this post.
Please do not forget the â ' like'â button đđ & Share it with your friends; thanks, and Trade safe.
đââïžIf you look at the chart, Bitcoin is moving in the Ascending Channel in the weekly time frame, the ascending channel I have drawn seems to be a valid channel, so that the middle line of the ascending channel has played the role of resistance and support well.
đââïžBitcoin is moving near the ascending channel's midline, the pitchfork line, the Resistance lines, and the đĄPotential Reversal Zone(PRZ)($82,800-$73,200)đĄâĄïžSo it shows that Bitcoin is facing an Important Resistance(Supply zone).
âïžIf we look at the chart, it looks like we can expect similar moves before the 2020 Halving. Move 1 is similar to move 3, and moves 2 and 4 are similar, so if we want to expect similar moves, Bitcoin should start correcting. And until the 38.2% and 50% Fibonacci corrections (we should NOT consider the decrease of Bitcoin in Covid). I have drawn the possible move for you in the chart below.đ
đAccording to the theory of Elliott waves, Bitcoin can follow two scenarios, and it depends on future events and news. The scenario is as follows:
đBullish scenario (more likely due to Halving, ETF, etc): Bitcoin has completed the main wave 3 at $73,777, and we should wait for the start of the main wave 4 and then increase towards $87,000-$99,000-$112,000.
đšBearish Scenario: Bitcoin has finished the main wave C at $73,777 (or a little higher), and in case of breaking the đąHeavy Support zone($50,000-$38,500)đą, we should wait for Bitcoin to fall (the fall can continue up to đ±$18,000đ±). Of course, according to the current market conditions, this scenario is somewhat unlikely, but it is still possible, if Bitcoin goes above $77,000, this scenario will be removed in general.
đĄIf we look at the RSI indicator in the weekly time frame, we can see that it seems that the RSI has succeeded in forming a Rising Wedge pattern, which can correct the upcoming correction of Bitcoin.
đĄIn the 1-hour time frame, Bitcoin has formed an Ascending Broadening Wedge pattern, which can be a sign to start the correction of Bitcoin.
đAccording to the above explanation, we can conclude that Bitcoin correction can start soon; Bitcoin can have a correction to đąHeavy Support zone($50,000-$38,500)đą and then we have to wait for the next movement of Bitcoin(Re-pumping is more likely).
âïžâ ïžNoteâ ïžâïž: An important point you should always remember is capital management and lack of greed.
Bitcoin Analyze ( BTCUSDT ), Weekly time frame â°.
Do not forget to put Stop loss for your positions (For every position you want to open).
Please follow your strategy; this is just my Idea, and I will gladly see your ideas in this post.
Please do not forget the â ' like'â button đđ & Share it with your friends; thanks, and Trade safe.
Handel aktiv
Kommentera:
If Bitcoin forms a shooting star candlestick pattern on a weekly basis, it can be a sign of a correction.
Kommentera:
Running well,59700 can be first target
Kommentera:
Forming an Evening Star Candlestick Pattern in the weekly time frame can signal Bitcoin correction.
Kommentera:
Great movement. How many people remember this post?
Always try to start the analysis from the upper time frame.
Concentrate on đąHeavy Support zone($50,000-$38,500)đą.
Always try to start the analysis from the upper time frame.
Concentrate on đąHeavy Support zone($50,000-$38,500)đą.
đFree & VIP Signals: t.me/ProTrader_365
đif you want to learn Technical Analysis = Please Contact me
đif you want to learn Technical Analysis = Please Contact me
Liknande idéer
