Bitcoin’s Rally Fades Below Resistances — Bearish Wave Setup!

6月2日

Bitcoin(BTCUSDT) started to fall as I expected in the previous idea, but failed to break the Heavy Resistance zone($110,000-$105,820).

Bitcoin is trading near the Resistance zone($107,520-$105,940), Cumulative Short Liquidation Leverage($106,720-$105,948), and the Resistance lines.

From the perspective of Elliott Wave theory, Bitcoin appears to have completed a main wave 4 near the Resistance lines. The structure of the main wave 4 was a Double Three Correction(WXY). One of the signs of the completion of the main wave 4 could be the Evening Star Candlestick Pattern.

I expect Bitcoin to decline to at least Cumulative Long Liquidation Leverage($103,666-$102,800) AFTER breaking the Support line, and the next target is the Support zone($102,000-$107,120).

Note: Rising tensions between Russia and Ukraine could help drive down Bitcoin.

Note: If Bitcoin touches $107,600, we can expect more pumps.

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

Bitcoin Analyze (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.

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6月3日

交易進行

Since Bitcoin did not reach $106,680, I am still short position, and this price can be used as a stop-loss for the short position.

The updated analysis is indicated on the chart.

Cumulative Short Liquidation Leverage($107,302-$106,487)

Cumulative Long Liquidation Leverage($103,389-$102,800)

Cumulative Long Liquidation Leverage($102,247-$101,840)

6月3日

註釋

you can set your Stop loss = $107,003

6月4日

註釋

Stop loss position at 105,343 USDT = Risk-Free

6月4日

手動結束交易

Risk-Free was touched