Bitcoin(
BTCUSDT) fell about -5% after tensions between Israel and Iran escalated. Unfortunately, these tensions are still escalating, but Bitcoin has managed to recover about +3% so far.
Bitcoin is moving near the Resistance zone($107,120-$105,330) and Cumulative Short Liquidation Leverage[$107,043-$105,981].
In terms of Elliott Wave theory, it seems that Bitcoin is completing a corrective wave. The corrective wave structure could be Contracting Triangle. In case of a sharp decline in Bitcoin again, we can consider these waves as five descending waves (if Bitcoin does NOT touch $106,600).
I expect Bitcoin to start declining again and at least drop to the Support zone($107,120-$105,330). The second Target could be the Support line and Cumulative Long Liquidation Leverage[$104,375-$103,162].
Note: If Bitcoin can break the Resistance zone($107,120-$105,330), we can expect further increases in Bitcoin.
Please respect each other's ideas and express them politely if you agree or disagree.
Bitcoin Analyze (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.
Please do not forget the ✅' like'✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
BTCUSDT) fell about -5% after tensions between Israel and Iran escalated. Unfortunately, these tensions are still escalating, but Bitcoin has managed to recover about +3% so far.Bitcoin is moving near the Resistance zone($107,120-$105,330) and Cumulative Short Liquidation Leverage[$107,043-$105,981].
In terms of Elliott Wave theory, it seems that Bitcoin is completing a corrective wave. The corrective wave structure could be Contracting Triangle. In case of a sharp decline in Bitcoin again, we can consider these waves as five descending waves (if Bitcoin does NOT touch $106,600).
I expect Bitcoin to start declining again and at least drop to the Support zone($107,120-$105,330). The second Target could be the Support line and Cumulative Long Liquidation Leverage[$104,375-$103,162].
Note: If Bitcoin can break the Resistance zone($107,120-$105,330), we can expect further increases in Bitcoin.
Please respect each other's ideas and express them politely if you agree or disagree.
Bitcoin Analyze (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.
Please do not forget the ✅' like'✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
Trade active
It seems like Bitcoin still has a chance to fall, at least in the price range where we can get a good Risk-To-Reward.
Trade closed: stop reached
With a slight difference, BTC started to fall again, but this is normal in financial markets. The best way is to stick to capital management.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
🎁Welcome than a 50% bonus(Low Spread)👉vtm.pro/Y3AV7r
🎁Get a 20% Discount on your trading FEE on BYBIT:👉partner.bybit.com/b/PEJMANZWIN
🎁Get a 20% Bonus & 30% Discount on LBANK exchange(NO KYC)👉lbank.one/join/uBythQd
🎁Get a 20% Discount on your trading FEE on BYBIT:👉partner.bybit.com/b/PEJMANZWIN
🎁Get a 20% Bonus & 30% Discount on LBANK exchange(NO KYC)👉lbank.one/join/uBythQd
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.