Bitcoin Hits PRZ — Reversal or Breakout?

8 Mei

As I expected in my previous idea, Bitcoin(BTCUSDT) started to rise from the Support zone($95,760-$95,200). One of the news that pumped Bitcoin was "Arizona Becomes Second U.S. State to Adopt Bitcoin for State Treasury"

Bitcoin is trading in the Resistance zone($100,200-$97,700) and near the upper lines of the Ascending Broadening Wedge Pattern, Time Reversal Zone(TRZ) and Potential Reversal Zone(PRZ)[$100,920-$99,680].

Also, we can see a Regular Divergence(RD-) between Consecutive Peaks.

From an Elliott wave theory, it seems we should wait for corrective waves because the Cumulative Short Liquidation Leverage($100,888-$99,826) is very important and I DO NOT expect it to be broken by a single attack.

Another point we can pay attention to is the existence of two small CME Gaps, the first CME Gap($98,430-$98,380) is likely to be filled.

I expect Bitcoin to drop to at least $98,100 in the coming hours, and if the Support zone($97,900-$97,240) is broken, we should expect further declines, so I will label this idea as ''Short''.

Cumulative Long Liquidation Leverage: $98,500-$97,514

Note: If Bitcoin can break the Potential Reversal Zone(PRZ)[$100,920-$99,680] with the good volume, we can expect a new All-Time High(ATH).

Do you think Bitcoin is on track for a new All-Time High(ATH)?

Please respect each other's ideas and express them politely if you agree or disagree.

Bitcoin Analyze (BTCUSDT), 2-hour time frame.

Be sure to follow the updated ideas.

Do not forget to put a Stop loss for your positions (For every position you want to open).

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9 Mei

Dagangan ditutup: hentian tercapai

After Trump said in the press conference, "Better go out and buy stocks now." The SPX500 index started pumping, and as I said in the ideas of the last few days, Bitcoin's correlation with this index has increased. Bitcoin also started pumping and was able to break the Potential Reversal Zone(PRZ)[$100,920-$99,680], and we should probably wait for a new ATH.

Although I did not activate this position, I will label it Stop Loss because some followers may have been hurt (I apologize).