🧐Today, I want to analyze Bitcoin for you in a weekly time frame so that maybe it can give us a good view of the continuation of Bitcoin's movement.
🏃♂️If you look at the chart, Bitcoin is moving in the Ascending Channel in the weekly time frame, the ascending channel I have drawn seems to be a valid channel, so that the middle line of the ascending channel has played the role of resistance and support well.
🏃♂️Bitcoin is moving near the ascending channel's midline, the pitchfork line, the Resistance lines, and the 🟡Potential Reversal Zone(PRZ)($82,800-$73,200)🟡➡️So it shows that Bitcoin is facing an Important Resistance(Supply zone).
⚖️If we look at the chart, it looks like we can expect similar moves before the 2020 Halving. Move 1 is similar to move 3, and moves 2 and 4 are similar, so if we want to expect similar moves, Bitcoin should start correcting. And until the 38.2% and 50% Fibonacci corrections (we should NOT consider the decrease of Bitcoin in Covid). I have drawn the possible move for you in the chart below.👇
🌊According to the theory of Elliott waves, Bitcoin can follow two scenarios, and it depends on future events and news. The scenario is as follows:
🚀Bullish scenario (more likely due to Halving, ETF, etc): Bitcoin has completed the main wave 3 at $73,777, and we should wait for the start of the main wave 4 and then increase towards $87,000-$99,000-$112,000.
🚨Bearish Scenario: Bitcoin has finished the main wave C at $73,777 (or a little higher), and in case of breaking the 🟢Heavy Support zone($50,000-$38,500)🟢, we should wait for Bitcoin to fall (the fall can continue up to 😱$18,000😱). Of course, according to the current market conditions, this scenario is somewhat unlikely, but it is still possible, if Bitcoin goes above $77,000, this scenario will be removed in general.
💡If we look at the RSI indicator in the weekly time frame, we can see that it seems that the RSI has succeeded in forming a Rising Wedge pattern, which can correct the upcoming correction of Bitcoin.
💡In the 1-hour time frame, Bitcoin has formed an Ascending Broadening Wedge pattern, which can be a sign to start the correction of Bitcoin.
🔔According to the above explanation, we can conclude that Bitcoin correction can start soon; Bitcoin can have a correction to 🟢Heavy Support zone($50,000-$38,500)🟢 and then we have to wait for the next movement of Bitcoin(Re-pumping is more likely).
❗️⚠️Note⚠️❗️: An important point you should always remember is capital management and lack of greed.
Bitcoin Analyze ( BTCUSDT ), Weekly 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.
Please do not forget the ✅' like'✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
🏃♂️If you look at the chart, Bitcoin is moving in the Ascending Channel in the weekly time frame, the ascending channel I have drawn seems to be a valid channel, so that the middle line of the ascending channel has played the role of resistance and support well.
🏃♂️Bitcoin is moving near the ascending channel's midline, the pitchfork line, the Resistance lines, and the 🟡Potential Reversal Zone(PRZ)($82,800-$73,200)🟡➡️So it shows that Bitcoin is facing an Important Resistance(Supply zone).
⚖️If we look at the chart, it looks like we can expect similar moves before the 2020 Halving. Move 1 is similar to move 3, and moves 2 and 4 are similar, so if we want to expect similar moves, Bitcoin should start correcting. And until the 38.2% and 50% Fibonacci corrections (we should NOT consider the decrease of Bitcoin in Covid). I have drawn the possible move for you in the chart below.👇
🌊According to the theory of Elliott waves, Bitcoin can follow two scenarios, and it depends on future events and news. The scenario is as follows:
🚀Bullish scenario (more likely due to Halving, ETF, etc): Bitcoin has completed the main wave 3 at $73,777, and we should wait for the start of the main wave 4 and then increase towards $87,000-$99,000-$112,000.
🚨Bearish Scenario: Bitcoin has finished the main wave C at $73,777 (or a little higher), and in case of breaking the 🟢Heavy Support zone($50,000-$38,500)🟢, we should wait for Bitcoin to fall (the fall can continue up to 😱$18,000😱). Of course, according to the current market conditions, this scenario is somewhat unlikely, but it is still possible, if Bitcoin goes above $77,000, this scenario will be removed in general.
💡If we look at the RSI indicator in the weekly time frame, we can see that it seems that the RSI has succeeded in forming a Rising Wedge pattern, which can correct the upcoming correction of Bitcoin.
💡In the 1-hour time frame, Bitcoin has formed an Ascending Broadening Wedge pattern, which can be a sign to start the correction of Bitcoin.
🔔According to the above explanation, we can conclude that Bitcoin correction can start soon; Bitcoin can have a correction to 🟢Heavy Support zone($50,000-$38,500)🟢 and then we have to wait for the next movement of Bitcoin(Re-pumping is more likely).
❗️⚠️Note⚠️❗️: An important point you should always remember is capital management and lack of greed.
Bitcoin Analyze ( BTCUSDT ), Weekly 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.
Please do not forget the ✅' like'✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
Trade active
Comment:
If Bitcoin forms a shooting star candlestick pattern on a weekly basis, it can be a sign of a correction.
Comment:
Running well,59700 can be first target
Comment:
Forming an Evening Star Candlestick Pattern in the weekly time frame can signal Bitcoin correction.
