Bitcoin at Heavy Support – Will Bulls Defend or Break Below?

Sep 1

Bitcoin(BTCUSDT) fell as I expected in my previous idea.

The question is, can Bitcoin break the Heavy Support zone($111,980-$105,820)?

Bitcoin is currently trading in the lower areas of the Heavy Support zone($111,980-$105,820) and near the Support lines and Cumulative Long Liquidation Leverage($107,000-$106,330).

In terms of Elliott Wave theory, it seems that Bitcoin has completed 5 downwaves at the support lines, and we should expect upward corrective waves. The corrective waves could follow the Expanding Flat(ABC/3-3-5).

Also, we can see the Regular Divergence(RD+) between Consecutive Valleys.

I expect that if Bitcoin is going to break the Heavy Support zone($111,980-$105,820), it will attack the Resistance zone($110,920-$110,200) and the Resistance lines first. Do you agree with me!?

Cumulative Short Liquidation Leverage: $110,147-$109,266

CME Gap: $117,235-$113,800

Stop Loss(SL): $105,600(Worst)

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.

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Sep 1

Trade active

Long Position touched the target.

Bitcoin increased as expected to Cumulative Short Liquidation Leverage: $110,147-$109,266

For now, I opened the short position. I think that Expanding Flat(ABC/5-3-5) was completed, and now we can expect the next dump.

New Cumulative Short Liquidation Leverage: $110,832-$109,842

New Cumulative Long Liquidation Leverage: $107,224-$105,800

Stop Loss: $111,073

Sep 2

Note

You can transfer the Stop Loss(SL) of the short position to $111,880(Worst)