Bitcoin at High-Probability Reversal Zone – Long Setup in Play
As I expected in the previous idea , Bitcoin( BINANCE:BTCUSDT ) started declining and reached its full target.
Right now, Bitcoin has entered the heavy support zone($78,260-$70,08. Generally, strong support and resistance zones don’t break with just one attempt. On a daily timeframe, this is the second attack, but on the 4-hour timeframe, this is the first. We can expect a corrective move upward before Bitcoin attempts another attack on this key zone.
From an Elliott Wave perspective, it appears that Bitcoin is completing wave 5.
Also, we can see a positive Regular Divergence (RD+) between two consecutive valleys.
I expect Bitcoin to start rising from the Potential Reversal Zone(PRZ) and Cumulative Long Liquidation Leverage ($75,000-$74,00 and fill the CME Gap($84,560-$--,---) that will be formed once financial markets open.
Note: If tensions escalate operationally in the Middle East, we could suddenly see Bitcoin sharply decline and lose its heavy support zone($78,260-$70,08.
What do you think—can Bitcoin drop below $70,000, or is this a good buying area?
Target: $78,614
Stop Loss(SL): $71,117
Cumulative Short Liquidation Leverage: $80,000-$79,260
Cumulative Short Liquidation Leverage: $86,170-$84,760
Points may shift as the market evolves
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📌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!
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