From Bear Trap to Breakout: Bitcoin Roadmap

3 天前

Bitcoin(BTCUSDT) started to rise again(with a high momentum)
yesterday after failing to break the Heavy Support zone($93,400-$90,000)(Bear Trap formation).

Educational Tip: Its quick return after exiting the Heavy Support zone($93,400-$90,000) with high volume was one of the signs of a bear trap.


Regarding Elliott wave theory, it seems Bitcoin successfully completed a Zigzag Correction(ABC/5-3-5) yesterday and is currently completing the next five impulsive waves. Likely, Bitcoin is still in correction waves.

I expect Bitcoin to start correcting from the Resistance zone($100,000-$98,080), 50_SMA(Daily), and Monthly Pivot Point and start to rise again from the Potential Reversal Zone(PRZ)[$95,140-$93,500] and attack the Resistance zone($100,000-$98,080).

⚠️Note: If Bitcoin breaks the Heavy Support zone($93,400-$90,000), we should expect a fall with high momentum (it is unlikely that another Bear Trap will be created).


⚠️Note: If Bitcoin goes below the Potential Reversal Zone(PRZ)[$95,140-$93,500], there is a high possibility that Bitcoin will break the Heavy Support zone($93,400-$90,000).

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

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3 天前

註釋

It seems that five impulse waves have been completed, and we can expect a correction to the Potential Reversal Zone(PRZ)[$95,140-$93,500].

前天

交易進行

My Short Position activated.

After announcing the US rates(Core CPI m/m, CPI m/m, CPI y/y), Bitcoin started pumping and reached the Targets I told you yesterday, although I expected Bitcoin to correct and increase then.

I expect Bitcoin to decline or correct at least to the support lines and support zone($97,750-$97,200). If the support zone breaks, we can expect more falls.

If Bitcoin touches $101,020, we should also expect an increase and break of the upper Resistance zone($102,420-$101,320).

前天

註釋

Another reason that Bitcoin is likely to correct is that USDT.D% has approached the next support zone after breaking the support zone, and we are likely to see a pullback from the recent support zone to the broken support zone.

We can confirm the main upward movement of Bitcoin when the Support lines are broken (valid).

前天

交易結束：目標達成

Bitcoin Update

Target Done