Bitcoin Faces Resistance for the 7th Time—Breakout or Rejection?

30 de jan.

Bitcoin(BTCUSDT) is attacking the Resistance zone($107,300-$105,400) for the seventh time; even in one of these attacks, it created a Bull Trap.

During the last two to three days, Bitcoin has formed an Ascending Channel(Black) and another Ascending Channel(Purple) in the 15-minute time frame.

According to the theory of Elliott waves, Bitcoin seems to be completing microwave 5 of the main wave 5, and we can expect corrective waves at least up to the upper line of the descending channel(broken).

I don't expect Bitcoin to succeed in breaking the Resistance zone($107,300-$105,400) in the seventh attack, although there is positive news around the crypto market, but I think we need a stronger stimulus to break this resistance zone (real news).

Cumulative Short Liquidation Leverage: $108,218-$106,476

Cumulative Long Liquidation Leverage: $104,460-$103,911

Note: The negative point is that the upper line of the descending channel was not broken with a large volume, so we hope for the break of the Resistance zone($107,300-$105,400).

Note: If the lower line of the ascending channel(Black) is broken, we can expect further decline and filling of the CME Gap($101,525-$100,375).

Note: If Bitcoin goes over $108223, we can expect more pumps and maybe a new ATH.

Can Bitcoin break the Resistance zone($107,300-$105,400) and create a new All-Time High(ATH)!? Please share your ideas in the comments.

Please respect each other's ideas and express them politely if you agree or disagree.

Bitcoin Analyze (BTCUSDT), 15-minute time frame.

Be sure to follow the updated ideas.

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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31 de jan.

Trade ativo

The short position was activated after the lower line of the ascending channel(Purple) was broken.

31 de jan.

Trade fechado: objetivo atingido

First Target Done

31 de jan.

Nota

Full Target Done