Bitcoin(
BTCUSDT) started to decline right after the U.S. markets opened, surprising many traders. A large number of traders expected Bitcoin to attack the 200_SMA(Daily) once again, but that scenario did not happen.
At the moment, Bitcoin is attempting to break the support zone($79,750-$79,480) and the lower line of the descending channel.
From an Elliott Wave perspective, it seems we should expect more corrective downward waves, especially considering the bearish momentum seen in recent hours.
Additionally, the DXY index(
DXY) is still showing bullish momentum, and due to Bitcoin’s strong correlation with the S&P 500 index(
SPX500) in recent months, any weakness in the S&P 500 could also pressure Bitcoin further. At the same time, the U.S. 10-Year Government Bond Yield(
US10) still appears bullish, and all of these factors together could support further downside for Bitcoin.
I expect Bitcoin to continue its bearish movement, break the support zone($79,750-$79,480), and, after filling the CME gap($78,545-$78,220), decline at least toward the Potential Reversal Zone (PRZ)[$77,100-$76,260].
Target: Potential Reversal Zone (PRZ)[$77,100-$76,260]
Stop Loss(SL): $80,900(Worst)
Cumulative Long Liquidation Leverage: $83,580-$82,540
CME gap: $84,560-$83,215
What’s your view on Bitcoin? Can Bitcoin move back above $80,000, or should we expect a deeper correction?
Note: We should also continue monitoring geopolitical developments closely. Any escalation in tensions or unexpected news events could lead to further downside pressure on Bitcoin.
💡 Please respect each other's opinions and express agreement or disagreement politely.
📌Bitcoin Analysis (BTCUSDT), 4-hour time frame.
🛑 Always set a Stop Loss(SL) for every position you open.
✅ This is just my idea; I’d love to see your thoughts too!
🔥 If you find it helpful, please BOOST this post and share it with your friends.
BTCUSDT) started to decline right after the U.S. markets opened, surprising many traders. A large number of traders expected Bitcoin to attack the 200_SMA(Daily) once again, but that scenario did not happen.At the moment, Bitcoin is attempting to break the support zone($79,750-$79,480) and the lower line of the descending channel.
From an Elliott Wave perspective, it seems we should expect more corrective downward waves, especially considering the bearish momentum seen in recent hours.
Additionally, the DXY index(
DXY) is still showing bullish momentum, and due to Bitcoin’s strong correlation with the S&P 500 index(SPX500) in recent months, any weakness in the S&P 500 could also pressure Bitcoin further. At the same time, the U.S. 10-Year Government Bond Yield(US10) still appears bullish, and all of these factors together could support further downside for Bitcoin.I expect Bitcoin to continue its bearish movement, break the support zone($79,750-$79,480), and, after filling the CME gap($78,545-$78,220), decline at least toward the Potential Reversal Zone (PRZ)[$77,100-$76,260].
Target: Potential Reversal Zone (PRZ)[$77,100-$76,260]
Stop Loss(SL): $80,900(Worst)
Cumulative Long Liquidation Leverage: $83,580-$82,540
CME gap: $84,560-$83,215
What’s your view on Bitcoin? Can Bitcoin move back above $80,000, or should we expect a deeper correction?
Note: We should also continue monitoring geopolitical developments closely. Any escalation in tensions or unexpected news events could lead to further downside pressure on Bitcoin.
💡 Please respect each other's opinions and express agreement or disagreement politely.
📌Bitcoin Analysis (BTCUSDT), 4-hour time frame.
🛑 Always set a Stop Loss(SL) for every position you open.
✅ This is just my idea; I’d love to see your thoughts too!
🔥 If you find it helpful, please BOOST this post and share it with your friends.
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Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, alım satım veya diğer türden tavsiye veya öneriler anlamına gelmez ve teşkil etmez. Kullanım Koşulları bölümünde daha fazlasını okuyun.
🚀 Up to 75% Trading Fee Rebates Across 20+ Exchanges:
🤖 t.me/Protrader365bot
-----
🎁 Free VIP Forex and Crypto Signals, please visit:
🔗 t.me/ProTrader_365
🤖 t.me/Protrader365bot
-----
🎁 Free VIP Forex and Crypto Signals, please visit:
🔗 t.me/ProTrader_365
İlgili yayınlar
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, alım satım veya diğer türden tavsiye veya öneriler anlamına gelmez ve teşkil etmez. Kullanım Koşulları bölümünde daha fazlasını okuyun.