📊Bitcoin Mid-Term Analysis📊

2023년 10월 13일

👋Hi everyone.

📈Today, I decided to analyze Bitcoin almost completely on a weekly time frame with the help of technical analysis tools to give you a good view for the mid-term.

✅After rising almost ➕15% for the past four weeks, Bitcoin has started to decline again (as I expected in previous posts✅).

☠️One of the reasons for Bitcoin's fall again in terms of technical analysis was the Death Cross Signal.

📚☠️Death Cross Signal☠️: The death cross appears on a chart when an asset's short-term Moving Average(MA), usually the 50-day, crosses below its long-term moving average, usually the 200-day.

🌊According to Elliott's wave theory, Bitcoin completed its 5-impulse wave at $31,800 and is currently completing corrective waves. It is better to know that because the main wave A has 5 microwaves, the structure of the corrective pattern should be in the form of a Zigzag correction(ABC/5-3-5).

🌊It seems that the main wave B has also ended, but to confirm this, we have to wait for the break of the Support line and the 🟢Support zone($26,880-$26,500)🟢.

🌊After confirmation of the end of the main wave B, I expect the main wave C to finish in the 🟢Heavy Support zone($25,280-$23,900)🟢 or one of the 🟡Price Reversal Zones(PRZs)🟡, in terms of timing, the end of the main wave C could be in one of the ⚫️Time Reversal Zones(TRZs)⚫️.

❗️Note❗️: The price and time of the end of the main wave C depends on the fundamental conditions of the cryptocurrency market and other parameters (💲Interest rate💲_⚔️War⚔️_🐳Behavior of whales🐳_🔄On-chain Data🔄_etc.)

🔔I expect Bitcoin to rise to at least the previous high($31,800) after the correction waves are completed.

🙏In the end, I have to apologize for the fact that the chart is busy, but in my opinion, all the lines and indicators were needed for your better understanding of the analysis, and I also hope that this analysis has an 📚educational📚 aspect for you.
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I would be happy to share your opinion about Bitcoin for the mid and even long-term below this post.
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Bitcoin Analyze ( BTCUSDT ), Weekly time frame ⏰.

Do not forget to put Stop loss for your positions (For every position you want to open).

Please follow your strategy; 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.

2023년 10월 13일

노트

The last 3 weekly candles can also create an 💫Evening Star Candlestick Pattern💫, but we have to wait for two more days.

2023년 10월 14일

액티브 트레이드

2023년 10월 17일

노트

We still can't confirm the end of the main wave B, I will update this post after confirmation.