Bitcoin Ranges as Middle East Tensions Raise Sell-Off Risk
Bitcoin( BINANCE:BTCUSDT ) has experienced both bullish and bearish moves over the past few days under the influence of various news events, resulting in a clear ranging structure.
One key factor that must be considered for Bitcoin and other risk assets is the escalation of tensions in the Middle East. This situation can act as a catalyst for sudden sell-offs across Bitcoin and the broader crypto market.
Currently, Bitcoin is trading near resistance lines, as well as the Cumulative Short Liquidation Leverage($93,150-$92,97, and has reacted precisely to the Potential Reversal Zone(PRZ) .
From an Elliott Wave perspective, Bitcoin appears to be completing a Double Three Correction (WXY) within this short-term range.
I expect Bitcoin to make another attempt toward the lower line of the ascending channel.
If this level breaks, we should be prepared for a deeper decline toward the Cumulative Long Liquidation Leverage zone($90,360-$89,36.
First Target: $90,773
Second Target: $89,903
Stop Loss(SL): $90,923
Points may shift as the market evolves
CME gap: $88,720-$88,120
What do you think about Bitcoin in the short term? Id love to hear your thoughts!
Cumulative Long Liquidation Leverage: $87,125-$86,000
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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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