BTCUSDT touched 92,830(first target) and started to rise as I expected in the previous idea. Overall, Bitcoin has been moving in a range for about 12 days.
Note: In general, trading in a range market is more difficult than in a trending market. If your performance in a range market is not good, it is better not to trade until the trend is clear (this is just a suggestion).
Bitcoin is currently trading at a Heavy Resistance zone(95,950-88,500) and has failed to break through it, and it seems like Bitcoin needs more momentum to break through this zone.Do you think Bitcoin will finally break through the Heavy Resistance zone(95,950-88,500)?
In terms of Elliott Wave theory, it appears that Bitcoin has completed a five-wave impulsive and we should expect Corrective waves.
The analytical conditions of the Bitcoin chart have been a bit ambiguous in the past few days.
USDT.D% failed to break the Support zone(5.13%-4.95%) after several attacks. It currently appears to be forming an Ascending Broadening Wedge Pattern. It appears that USDT.D% needs to complete this pattern to break the support zone, and if this pattern fails, we should expect further increases=Bitcoin crash.
I expect Bitcoin to decline to the Support zone(92,910-$l91,414), 21_SMA(Weekly) and Cumulative Long Liquidation Leverage(93,359-92,296) and probably fill the CME Gap(92,525-91,415) this time and then start to rise and prepare to break the Heavy Resistance zone(95,950-l88,500) and fill the CME Gap(97,680-96,455).
Cumulative Short Liquidation Leverage: 98,989-97,924
Note: If Bitcoin breaks below the Support zone(92,910-91,414), we should expect further declines.
Please respect each other's ideas and express them politely if you agree or disagree.
Trade at your own Risk 👍
Best Regards, Trade Cryptocurrency
Stay Tuned for Further Updates.
