Bitcoin Breakout Loading: Resistance Zone Under Pressure!!!

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Bitcoin(BTCUSDT) made the correction I expected, as I predicted in my previous idea.

Bitcoin is trading in the Resistance zone($103,320-$102,600) and near the Resistance lines. Given the momentum of the previous hour's candle and the fact that the previous three candles together formed a Morning Star Candlestick Reversal pattern, it is expected that the Resistance lines will be broken soon.

In terms of Elliott Wave theory, it looks like Bitcoin has completed the main wave 4 as I expected with a Zigzag Correction(ABC/5-3-5). A break of the Resistance lines by Bitcoin could confirm the end of the main wave 4.

Also, given Bitcoin's higher correlation with the S&P500 Index(SPX) and the fact that I expect the S&P500 Index to increase, the increase in the S&P500 Index could help Bitcoin increase further.

I expect Bitcoin to break the Resistance zone($103,320-$102,600) and Resistance lines soon and attack towards the Resistance zone($105,100-$104,520).

Cumulative Long Liquidation Leverage: $101,360-$100,600

Note: If Bitcoin falls below $101,280, we should expect further declines.

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Bitcoin Analyze (BTCUSDT), 1-hour time frame.

Be sure to follow the updated ideas.

Do not forget to put a Stop loss for your positions (For every position you want to open).

Please follow your strategy and updates; this is just my Idea, and I will gladly see your ideas in this post.

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١٦ مايو

تم فتح الصفقة

Trade was activated after a pullback to Resistance zone($103,320-$102,600)

١٦ مايو

أغلقت الصفقة: تم الوصول للهدف

Target Done

Both the Short and Long positions were on target.