Bitcoin Pumps With Gold & S&P But Is a Pullback Coming First?
Bitcoin ( BINANCE:BTCUSDT ) started the new week with bullish momentum, pumping alongside Gold( OANDA:XAUUSD ) and the SPX500 Inde SP:SPX ).
At the moment, Bitcoin is trading within a resistance zone($94,840-$93,02, close to the upper line of the ascending channel, while also moving around the Cumulative Short Liquidation Leverage($94,970-$94,30.
From an Elliott Wave perspective, it appears that Bitcoin is in the process of completing microwave 4 of the main wave C.
My expectation is a minimum pullback toward the Cumulative Long Liquidation Leverage($92,190-$91,61 and the nearby support zone($90,960-$90,09. From that support zone($90,960-$90,09, we can look for a potential renewed bullish move.
Note: If geopolitical tensions in the Middle East escalate, a sudden and sharp drop in Bitcoin is possible.
Note: If Bitcoin breaks and holds below the support zone($90,960-$90,09, we should be prepared for a deeper downside continuation.
Cumulative Long Liquidation Leverage: $87,140-$86,210
Cumulative Short Liquidation Leverage: $98,480-$96,970
CME Gap: $91,595-$90,530
CME Gap: $88,720-$88,120
First Target: $90,029
Second Target: $90,867
Stop Loss(SL): $96,223(Worst)
Points may shift as the market evolves
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Bitcoin Analysis (BTCUSDT), 1-hour time frame.
Always set a Stop Loss(SL) for every position you open.
This is just my idea; Id love to see your thoughts too!
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