Bitcoin Roadmap!!!==>>Short term

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After the tension between Iran and Israel, Bitcoin started to fall and once again fell below 21_SMA(Weekly) and 200_SMA(Daily).

In previous posts, I warned you about the fall of Bitcoin, and I hope it was useful.

Bitcoin is currently approaching the Resistance zone($62,860-$62,110) and 21_SMA(Weekly).

According to Elliott's wave theory, Bitcoin is completing wave 4. The main wave 4 structure is most likely a Zigzag Correction(ABC/5-3-5). If Bitcoin breaks the support lines, we can confirm the end of wave 4.

I expect Bitcoin to break down to at least the Support zone($60,000-$59,100) in the coming hours.

Fundamental analysis: On-chain data shows that the number of active Bitcoin addresses has recently dropped sharply. This decrease started in March 2024 and is the biggest drop since 2021. This trend could be a bearish sign for Bitcoin.

⚠️Note: If Bitcoin can break the Resistance zone($62,860-$62,110) and go above $63,460, we should wait for Bitcoin to rise again.⚠️

⚠️Note: Tensions between Iran and Israel can still have an impact on Bitcoin and other assets. If Israel wants to react to Iran's attacks, we should expect a further drop in Bitcoin, so in these days, more than ever, observe capital management.⚠️


What is your idea about Bitcoin, more dump or, again, pump❗️❓

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

Do not forget to put 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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