Bitcoin Stuck in a Range—Breakout or Breakdown Next?

2月14日

Bitcoin(BTCUSDT) started to rise as I expected in the previous post but once again failed to break the 50_SMA(Daily). In general, Bitcoin has been moving in a range for more than 10 days, making it difficult for Bitcoin traders.

Bitcoin is moving in the Resistance zone($100,520-$97,200) and created a Fake Break for the Resistance line.

Meanwhile, it seems that Bitcoin has succeeded in forming a descending channel, and the falling wedge pattern has failed for me (in the previous post).

Another point is that during the last 10 days, the most Bitcoin trades were around $96,700, which number can play an important role in determining the direction of Bitcoin and can be an important support and resistance level for us.

Regarding the Elliott wave theory, Bitcoin seems to have completed the Double Three Correction(WXY). An hour ago, Bitcoin managed to complete the microwave C from the main wave Y. It can be one of the signs of the completion of microwave C, which is a fake break.

I expect Bitcoin to attack the Support zone($96,150-$94,700) again AFTER breaking the $96,700 level, and this time, it has a higher chance of breaking this zone, and if this zone breaks, we should wait for Bitcoin to decline to the Support line.

Note: If Bitcoin can touch $99,000, we should expect Bitcoin to rise further and possibly break the Resistance zone($100,520-$97,200).

Note: Generally, the trading volume is low on Saturdays and Sundays, and the chance that Bitcoin will go out of the range in the next two days is low, although it is not unlikely.

When do you think Bitcoin will leave this range (upward or downward)?

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 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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2月17日

交易進行

Trade was activated, The Important level is $96,700(As I told you).

2月17日

交易結束：目標達成

My first Target is Done.

As I told you in the text of the post, basically, the volume trading is low on Saturdays and Sundays, and this is the reason why Bitcoin touched the first Target late; it is better to wait for the opening of the US market.

2月18日

註釋

Full Target Done.