Bitcoin ready for an Upward Movement
Hello everyone!
Bitcoin is currently within the Support zone($25,800-$25,600) and is approaching the Support line, as well as the lower boundary of the Ascending channel.
In accordance with the Elliott Wave theory, it appears that Bitcoin is in the process of completing Corrective Waves within the ascending channel.
Despite parallel markets like Gold trending downward in the past day and the DXY index showing an upward trend, Bitcoin has successfully held onto the Support zone($25,840-$25,600) and the Support line. This could be a positive sign, increasing the likelihood of Bitcoin experiencing upward movement in the coming hours.
My expectation is that Bitcoin will reach the upper section of the ascending channel and the Resistance zone $27,000- $27500 shortly, That is where I will start placing my short positions with a tight stop loss looking for a target of $20400
Bitcoin Analysis (BTCUSDT), 1 Day time frame ⏰.
Remember to set stop-loss orders for your positions whenever you open a trade.
Please stick to your trading strategy; the information provided here is just my idea, and I'd love to hear your thoughts in the comments.
Don't forget to hit that ✅ 'like' ✅ button 🙏😊 and share this post with your friends. Thanks, and trade safely!
Bitcoin is currently within the Support zone($25,800-$25,600) and is approaching the Support line, as well as the lower boundary of the Ascending channel.
In accordance with the Elliott Wave theory, it appears that Bitcoin is in the process of completing Corrective Waves within the ascending channel.
Despite parallel markets like Gold trending downward in the past day and the DXY index showing an upward trend, Bitcoin has successfully held onto the Support zone($25,840-$25,600) and the Support line. This could be a positive sign, increasing the likelihood of Bitcoin experiencing upward movement in the coming hours.
My expectation is that Bitcoin will reach the upper section of the ascending channel and the Resistance zone $27,000- $27500 shortly, That is where I will start placing my short positions with a tight stop loss looking for a target of $20400
Bitcoin Analysis (BTCUSDT), 1 Day time frame ⏰.
Remember to set stop-loss orders for your positions whenever you open a trade.
Please stick to your trading strategy; the information provided here is just my idea, and I'd love to hear your thoughts in the comments.
Don't forget to hit that ✅ 'like' ✅ button 🙏😊 and share this post with your friends. Thanks, and trade safely!
Trade active
Trade active:
Trade still active, stop loss has not been hit.
TP 27000
TP 27000