Bitcoin Analyze (Regular Contracting Triangle)!!!

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Bitcoin / TetherUS (BINANCE:BTCUSDT)

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BINANCE:BTCUSDT Bitcoin / TetherUS

batpattern triangle elliottwaves bitcoin countingwaves correctivestructure contractingtriangle trz hiddendivergence

Hi, today I want to talk about one of the standard Corrective waves structures: Regular Contracting Triangle.

Bitcoin Analyze ( BTCUSDT ) Timeframe 1h ⏰

Location🌊: about the location of Bitcoin, please read my post with the topic ''Bitcoin Analyze (Two Descending Triangle )!!!''.

Regular Contracting Triangle: I think that Bitcoin flowed inside the Regular Contracting Triangle for about 12 days.

Regular Contracting Triangle's Rules:

wave B can retrace 61.8%-78.2% Wave A== it has complied.✅

wave C can retrace 61.8%-78.2% Wave B== it has complied.✅

wave B can retrace 61.8%-78.2% Wave D== it has complied.✅

wave D can retrace 61.8%-78.2% Wave E== it has complied.✅

a triangle consists of 5 corrective waves (ABCDE).= we can see 5 corrective waves on our chart == it has complied.✅

a triangle can only appear in the position of wave 4 of an impulse, wave B/X of zigzags and flats, wave Y of double three sideways corrections, or wave Z of triple three sideways corrections.== it has complied.✅

at least 4 of the 5 waves subdivide into zigzags. we have 4 Zig Zag waves == it has complied.✅

a triangle never has more than one complex wave. The complex wave within a triangle can only be a double/triple zig-zag or a triangle itself. we don't have a complex wave ==it has complied.✅

In contracting & barrier triangles, Wave C does not move beyond wave A, wave D does not move beyond wave B, and wave E does not move beyond wave C. This results in two converging trend lines forming as the triangle progresses. The main difference between a barrier triangle is that it creates a virtually horizontal trend line between points B and D ==it has complied.✅

as result, we have all rules on our Regular Contracting Triangle 👍

the price was able to break(trusty) the lower line of our Regular Contracting Triangle and also, the price is pulling back to our triangle. we can see a Bearish Bat Hamonic Pattern + Bearish AB=CD Harmonic Pattern on this pullback. I found Point D of our patterns (BAT&AB=CD) at TRZ(Time Reversal Zone).

MACD Analyze: We have Hidden Divergence (HD-) between price and MACD until now.+ Sell Signal. 👉

RSI Analyze: RSI lost the Uptrend line.👉

Also, still, I am believing in Bitcoin Long-term Analyze (Monthly Time frame)📆: Please read this post carefully ( I ❤️LOVE❤️ THIS POST(for Jun 9)😀)👉

My Suggestion: Find best Triggers for opening Short Positions //please do NOT buy Coins for Midterm and Long-term investment until the market finds a way. // if the price goes UP over the Monthly pivot point (35060$), then we can think about opening Long positions for the Short-term.

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 be glad to see your ideas in this post.

Please do not forget the ✅'like'✅ button 🙏😊 & Share it with your friends, Thanks, and Trade safe

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