đBitcoin Mid-Term Analysisđ
đHi everyone.
đToday, I decided to analyze Bitcoin almost completely on a weekly time frame with the help of technical analysis tools to give you a good view for the mid-term.
â After rising almost â15% for the past four weeks, Bitcoin has started to decline again (as I expected in previous postsâ ).
â ïžOne of the reasons for Bitcoin's fall again in terms of technical analysis was the Death Cross Signal.
đâ ïžDeath Cross Signalâ ïž: The death cross appears on a chart when an asset's short-term Moving Average(MA), usually the 50-day, crosses below its long-term moving average, usually the 200-day.
đAccording to Elliott's wave theory, Bitcoin completed its 5-impulse wave at $31,800 and is currently completing corrective waves. It is better to know that because the main wave A has 5 microwaves, the structure of the corrective pattern should be in the form of a Zigzag correction(ABC/5-3-5).
đIt seems that the main wave B has also ended, but to confirm this, we have to wait for the break of the Support line and the đąSupport zone($26,880-$26,500)đą.
đAfter confirmation of the end of the main wave B, I expect the main wave C to finish in the đąHeavy Support zone($25,280-$23,900)đą or one of the đĄPrice Reversal Zones(PRZs)đĄ, in terms of timing, the end of the main wave C could be in one of the â«ïžTime Reversal Zones(TRZs)â«ïž.
âïžNoteâïž: The price and time of the end of the main wave C depends on the fundamental conditions of the cryptocurrency market and other parameters (đČInterest rateđČ_âïžWarâïž_đłBehavior of whalesđł_đOn-chain Datađ_etc.)
đI expect Bitcoin to rise to at least the previous high($31,800) after the correction waves are completed.
đIn the end, I have to apologize for the fact that the chart is busy, but in my opinion, all the lines and indicators were needed for your better understanding of the analysis, and I also hope that this analysis has an đeducationalđ aspect for you.
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I would be happy to share your opinion about Bitcoin for the mid and even long-term below this post.
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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.
đToday, I decided to analyze Bitcoin almost completely on a weekly time frame with the help of technical analysis tools to give you a good view for the mid-term.
â After rising almost â15% for the past four weeks, Bitcoin has started to decline again (as I expected in previous postsâ ).
â ïžOne of the reasons for Bitcoin's fall again in terms of technical analysis was the Death Cross Signal.
đâ ïžDeath Cross Signalâ ïž: The death cross appears on a chart when an asset's short-term Moving Average(MA), usually the 50-day, crosses below its long-term moving average, usually the 200-day.
đAccording to Elliott's wave theory, Bitcoin completed its 5-impulse wave at $31,800 and is currently completing corrective waves. It is better to know that because the main wave A has 5 microwaves, the structure of the corrective pattern should be in the form of a Zigzag correction(ABC/5-3-5).
đIt seems that the main wave B has also ended, but to confirm this, we have to wait for the break of the Support line and the đąSupport zone($26,880-$26,500)đą.
đAfter confirmation of the end of the main wave B, I expect the main wave C to finish in the đąHeavy Support zone($25,280-$23,900)đą or one of the đĄPrice Reversal Zones(PRZs)đĄ, in terms of timing, the end of the main wave C could be in one of the â«ïžTime Reversal Zones(TRZs)â«ïž.
âïžNoteâïž: The price and time of the end of the main wave C depends on the fundamental conditions of the cryptocurrency market and other parameters (đČInterest rateđČ_âïžWarâïž_đłBehavior of whalesđł_đOn-chain Datađ_etc.)
đI expect Bitcoin to rise to at least the previous high($31,800) after the correction waves are completed.
đIn the end, I have to apologize for the fact that the chart is busy, but in my opinion, all the lines and indicators were needed for your better understanding of the analysis, and I also hope that this analysis has an đeducationalđ aspect for you.
------------------------------------------------------------
I would be happy to share your opinion about Bitcoin for the mid and even long-term below this post.
------------------------------------------------------------
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.
Kommentera:
The last 3 weekly candles can also create an đ«Evening Star Candlestick Patternđ«, but we have to wait for two more days.
Handel aktiv
Kommentera:
We still can't confirm the end of the main wave B, I will update this post after confirmation.
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đPlease follow us on Telegram for more analysis.đ t.me/ProTrader_365
đif you want to learn Technical Analysis = Please Contact međ t.me/Ad_ProTrader365
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