Bitcoin is moving in the Resistance zone($63,450_$62,100) and close to the 21_SMA(Weekly).
According to the Elliott wave theory, Bitcoin seems to be completing wave 4. (The Maximum of wave 4 can be up to $65,080, and the Potential Reversal Zone(PRZ) can continue.)
Before the better result, let's take a look at Market Cap BTC Dominance% (BTC.D%) and Market Cap USDT Dominance% (USDT.D%).
It seems that BTC.D% has managed to complete 5 impulse waves in the Heavy Resistance zone(60%_57%), and we should expect BTC.D% to fall in the coming days and weeks.
USDT.D% has managed to break the Important Downtrend line, and this indicates the increase of USDT.D% and possibly the break of the Resistance zone(5.54%_4.97%) in the following days, which also confirms the fall of Bitcoin.
I expect Bitcoin to attack the Heavy Support zone($61,100_$58,700) again after the completion of wave 4, and then Bitcoin will fall and at least fill the CME Gap($62,085_$60,400).
Note: If Bitcoin can touch $65,580, the scenario will change.
Note: An important point you should always remember is capital management and lack of greed.
Bitcoin Analyze (BTCUSDT), 4-hour time frame ⏰.
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Note
Running well if BTC can break the support zone($62,500_$62,000), BTC will go down more.
Note
If BTC can break the support line, we can expect BTC will fall at least to $60,400.
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