Bitcoin Roadmap Short-Term Bounce Before Continuation
As I expected in the previous idea , Bitcoin ( BINANCE:BTCUSDT ) started to decline from the upper line of the ascending channel and reached its targets (full target).
Bitcoin is currently near the support zone($90,960-$89,22 around the lower line of the ascending channel and the Cumulative Long Liquidation Leverage($89,125-$88,67.
From an Elliott Wave perspective, it appears that Bitcoin has completed a zigzag corrective pattern at the top of the ascending channel, and we should now expect a corrective wave. However, this corrective wave might still include a temporary upward movement.
Considering the increasing tensions in global affairs, especially between Russia and the U.S. in recent hours, and the conditions of the S&P 500 index ( FX:SPX500 ), we can still expect a bearish trend for Bitcoin.
I expect that after a short-term bullish movement in the coming hours, Bitcoin will once again begin to decline. This decline could involve breaking the lower line of the ascending channel, the support zone, and filling the CME gap($88,720-$88,12.
We can first look for a long position, and if we find a trigger, we can take a short position.
What do you think about Bitcoin in the short term? Id love to hear your thoughts!
Cumulative Long Liquidation Leverage: $87,125-$86,000
Cumulative Short Liquidation Leverage: $92,620-$92,040
Cumulative Short Liquidation Leverage: $94,630-$93,920
Cumulative Short Liquidation Leverage: $98,480-$96,970
Please respect each other's opinions and express agreement or disagreement politely.
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!
If you find it helpful, please BOOST this post