ðĄFor the umpteenth time, Bitcoin is trying to break the ðĄPrice Reversal Zone(PRZ)ðĄ and a cluster of important Resistances (Pivots). But in my opinion, Bitcoin needs to have a deeper correction, at least up to the $34,000 price channel, to break this critical area.
ðIn terms of Elliott wave theory, Bitcoin seems to have completed its five-impulse wave at ðĄPrice Reversal Zone(PRZ)ðĄ.
ðĄAlso, we can see Regular Divergence(RD-) between two Consecutive Peaks.
â°If we look at the 4-hour time frame, we will realize that Bitcoin has managed to form an Ascending Triangle Pattern so that point D is now confirmed. So it can be expected that bitcoin will have a minimum drop to the lower line of the triangle, and if the lower line breaks, we can wait for the ðĒSupport zone($36,000_$35,560)ðĒ to break, and if it starts to increase again from the lower line, we can wait for the ðĄPrice Reversal Zone(PRZ)ðĄ to break.ð
ðI expect Bitcoin to drop to at least the end of wave 4 in the coming hours after breaking the uptrend line and once again attack the ðĒSupport zone($36,000_$35,560)ðĒ and Support lines.
âïļâ ïļNoteâ ïļâïļ: If Bitcoin can go above $38,520, we can hope that the ðĄPrice Reversal Zone(PRZ)ðĄwill be broken and my scenario will change.
âïļâ ïļNoteâ ïļâïļ: An important point you should always remember is capital management and lack of greed.
Bitcoin Analyze ( BTCUSDT ), 15-minute time frame â°.
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