BTCUSDT
*If Bitcoin breaks the Resistance of $52,500 we can see a good move for the Long position.
*If it consolidates and forms a rejection candle BTC will fall below $45,000.
Spot rate: $51,540
Support: $42,000
Resistance: $52,500
TP for LONG Position: $59,000
TP for Short Position: $45,000 - $42,000
Just a reminder of how $BTC traps people in correction of same degree by bouncing off golden pocket zones of fib extensions before dropping to 1:1 ( see how close it came to 1:1 in 2018 bear market bottom) . And this correction is of same degree of 2019-2020 drop and 1:1 of that is on marked price
I have drawn a channel and fibonacci channel referencing 3000 as base price and 65000 as highest price.
the chart is almost fit into the channel and prices are mving inside the channel and as per fibonacci series.
reclaim above 52.5K on higher timeframes will indicate that wave 4 has finished .I also have bullish count for that targeting 80-90K by end of year. but that looks less probable to me . this scenario has high probability in my opinion .#NFA
#BTCUSDT #Binance #4HR #Midterm #Elliottwave
- It’s been a while everyone. Today I’ve brought up some of the possible scenarios for Bitcoin based on the Elliott wave Theory. EW traders can refer to my insights and perspectives on midterm trends and major supports/resistances.
- Out of countless Elliott Wave counts, I’ve summarized those that are relatively more...
Bitcoin is in a uptrend it formed bearish hanging man at the yestrady candle
..chanace of 2nd Retracement vl be dere
buy n sell above the market levels
Bitcoin in 4H time frame forms a falling channel pattern on it's major resistance. If it breaks the above trend-line we can see a trend reversal, and to continue it's down trend the price should break the major resistance.
The 1 day candle has broken 20 day ema , so I expect a bearish move for upcoming.This is only for educational purpose and don't trade with this but analyse yourself.
After bitcoin breaks it's resistance near $34000 it rallied towards $36000. Now it bounces back to $34000 (support) forming a head and shoulder. If it breaks it's support with a strong red candle we expect a bearish move.
