Over the past 10 days, Bitcoin(
BTC) has been in a downtrend, having declined more than -10%. Now, the question is: will Bitcoin continue this downward trend, or not? Stay with me.
Currently, Bitcoin is approaching a heavy support zone($56,600-$48,000), a critical area. If Bitcoin loses this zone, it could mean some serious trouble for the cryptocurrency market in the weeks and months ahead.
Given that today’s U.S. economic data favored the dollar, with a rising DXY index(DXY), and considering Bitcoin’s strong correlation with the S&P 500(SPX500) in recent months—since my analysis of the S&P 500 is bearish—the likelihood of Bitcoin also continuing downward is high.
From an Elliott Wave perspective, Bitcoin appears to be completing its main wave 5, and the downward waves still seem intact.
I expect Bitcoin to at least touch the heavy support zone($56,600-$48,000) and possibly initiate a bullish move from the Potential Reversal Zone(PRZ)[$56,640-$55,500] near the support lines and maybe fill the CME Gap($54,545-$52,980).
Target: Potential Reversal Zone(PRZ)[$56,640-$55,500]
Stop Loss(SL): $62,430(Worst)
Cumulative Short Liquidation Leverage: $63,380-$61,870
Cumulative Long Liquidation Leverage: $67,360-$56,740
What’s your view在比特币上？ Will it drop below $50,000, or are we nearing the end of the main corrective phase?
💡 Please respect each other's opinions and express agreement or disagreement politely.
📌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!
🔥If you find it helpful, please BOOST this post and share it with your friends.
BTC) has been in a downtrend, having declined more than -10%. Now, the question is: will Bitcoin continue this downward trend, or not? Stay with me.Currently, Bitcoin is approaching a heavy support zone($56,600-$48,000), a critical area. If Bitcoin loses this zone, it could mean some serious trouble for the cryptocurrency market in the weeks and months ahead.
Given that today’s U.S. economic data favored the dollar, with a rising DXY index(DXY), and considering Bitcoin’s strong correlation with the S&P 500(SPX500) in recent months—since my analysis of the S&P 500 is bearish—the likelihood of Bitcoin also continuing downward is high.
From an Elliott Wave perspective, Bitcoin appears to be completing its main wave 5, and the downward waves still seem intact.
I expect Bitcoin to at least touch the heavy support zone($56,600-$48,000) and possibly initiate a bullish move from the Potential Reversal Zone(PRZ)[$56,640-$55,500] near the support lines and maybe fill the CME Gap($54,545-$52,980).
Target: Potential Reversal Zone(PRZ)[$56,640-$55,500]
Stop Loss(SL): $62,430(Worst)
Cumulative Short Liquidation Leverage: $63,380-$61,870
Cumulative Long Liquidation Leverage: $67,360-$56,740
What’s your view在比特币上？ Will it drop below $50,000, or are we nearing the end of the main corrective phase?
💡 Please respect each other's opinions and express agreement or disagreement politely.
📌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!
🔥If you find it helpful, please BOOST this post and share it with your friends.