Bitcoin Bulls Defending $97K – Reversal Loading!

19시간 전

Before diving into the Bitcoin analysis, it’s worth noting that Bitcoin has had a strong correlation with the SPX500 index(SPX) in recent weeks. So, alongside analyzing Bitcoin, it’s a good idea to keep an eye on the SPX500 chart these days.

Currently, Bitcoin(BTCUSDT) is moving in a Support zone($10200,980-$96,880) near a Potential Reversal Zone(PRZ)[$97,000-$99,420] and a Cumulative Long Liquidation Leverage($99,145-$97,208).

From an Elliott Wave perspective, it looks like Bitcoin is forming an Expanding Ending Diagonal to complete the microwave 5 of the main wave 5.

Also, we can see a Regular Divergence(RD+), which is a good sign of a potential reversal.

Given my expectation that the SPX500 Index will start to rise again, I also expect that Bitcoin will follow suit and could climb at least to around $104,200.

Cumulative Short Liquidation Leverage: $105,074-$104,551

Stop Loss: $96,178

Please respect each other's ideas and express them politely if you agree or disagree.

Bitcoin Analysis (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.

15시간 전

액티브 트레이드

Trade was activated when BTC touched the Potential Reversal Zone(PRZ)[$97,000-$99,420]