After the New ATH of Bitcoin, what should we expect (Reasons)❗️❓

2024年3月5日

😱Today, a new All-Time High(ATH) was created in most of the exchanges. Perhaps the movement of Bitcoin last week surprised many people, and many did not expect Bitcoin to touch All-Time High(ATH) before the new Halving. But it was expected that Bitcoin would react near the previous All-Time High(ATH), and the same happened. There are many reasons why Bitcoin should be corrected (Fear and Greed index, Open Interest value, etc.).

💡Bitcoin has started to decline from the 🔴Resistance zone($69,000_$65,000)🔴 and has managed to break the Uptrend line.

🌊According to the theory of Elliot waves, the end of wave 5 was in the 🔴Resistance zone($69,000_$65,000)🔴 , and we should expect correction waves; one sign of the beginning of correction waves is the breaking of the Uptrend line. Another sign is the Regular Divergence(RD-) between two Consecutive Peaks.

💡One of the other charts that can help us confirm the Bitcoin correction is the Market Cap USDT Dominance% (USDT.D%) chart.

💡USDT.D% after breaking the Support line and the 🟢Heavy Support zone(5.80%-5.20%)🟢 caused the cryptocurrency market to increase significantly in these weeks.

💡Currently, USDT.D% is in 🟡Potential Reversal Zone(PRZ)🟡and near Support lines and has also touched the 🎯Symmetric Triangle Target🎯. I expect USDT.D% to rise to at least one Fibonacci level.👇


🔔I expect Bitcoin to start going down again after possibly playing around $61,500 for a while and at least down to the Support line and 🟡Potential Reversal Zone(PRZ)🟡.

❗️⚠️Note⚠️❗️: An important point you should always remember is capital management and lack of greed.

Bitcoin Analyze ( BTCUSDT ), 4-hour 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.

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2024年3月5日

交易進行

2024年3月6日

註釋

Still valid, it seems BTC is completing pullback to uptrend line.