Bitcoin Breakdown? Support Zone & CME Gap in Focus

30 Jun

Bitcoin(BTCUSDT), as anticipated in my previous analysis, attacked the Resistance lines and then resumed its decline. In previous analysis, both Long and Short positions could have been profitable.

Bitcoin is approaching a Support zone($106,800-$105,820) and the CME gap($106,645-$106,295).

From an Elliott Wave theory perspective, it appears that Bitcoin has finally completed a five-wave impulsive move with the help of an Expanding Ending Diagonal.

I expect Bitcoin to attack the Support zone($106,800-$105,820) after breaking the lower line of the Expanding Ending Diagonal.

Note: To break through the Support zone($106,800-$105,820), Bitcoin may potentially use either a Head and Shoulders pattern or a Bearish Quasimodo formation.

Note: If Bitcoin breaks the Resistance lines, we can expect more pumps.

Cumulative Long Liquidation Leverage: $106,249-$105,094

Cumulative Short Liquidation Leverage: $109,483-$108,790

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Bitcoin Analyze (BTCUSDT), 1-hour time frame.

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1 Jul

Dagangan aktif

Trade was activated after breaking the lower line of the Expanding Ending Diagonal

7 hari lalu

Dagangan ditutup: sasaran tercapai

Target Done

Bitcoin exactly touched the bottom of the Cumulative Long Liquidation Leverage: $106,249-$105,094