Bitcoin Breakdown? Support Zone & CME Gap in Focus

3 天前

Bitcoin(BTCUSDT), as anticipated in my previous analysis, attacked the Resistance lines and then resumed its decline. In previous analysis, both Long and Short positions could have been profitable.

Bitcoin is approaching a Support zone($106,800-$105,820) and the CME gap($106,645-$106,295).

From an Elliott Wave theory perspective, it appears that Bitcoin has finally completed a five-wave impulsive move with the help of an Expanding Ending Diagonal.

I expect Bitcoin to attack the Support zone($106,800-$105,820) after breaking the lower line of the Expanding Ending Diagonal.

Note: To break through the Support zone($106,800-$105,820), Bitcoin may potentially use either a Head and Shoulders pattern or a Bearish Quasimodo formation.

Note: If Bitcoin breaks the Resistance lines, we can expect more pumps.

Cumulative Long Liquidation Leverage: $106,249-$105,094

Cumulative Short Liquidation Leverage: $109,483-$108,790

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Bitcoin Analyze (BTCUSDT), 1-hour time frame.

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前天

交易進行

Trade was activated after breaking the lower line of the Expanding Ending Diagonal

前天

交易結束：目標達成

Target Done

Bitcoin exactly touched the bottom of the Cumulative Long Liquidation Leverage: $106,249-$105,094