2 months ago I said that BTC is in the 4th wave of the Elliott Wave and the bottom of this 4th wave is in the 47k-52k range. Currently, BTC has touched the 52xxx level, so I think the bottom of the 4th Elliott wave is about to complete and we will move into the 5th wave.
2 days ago I warned about the BTC double top pattern, and I had a plan that BTC price would reach the $60k zone, and the truth is it happened too fast.
Can you please review my old article.
- BTC is currently forming a double top pattern on the chart
- If the BTC price comes back to test the $65,200 zone, you will execute a short trade on BTC
- The take profit (TP) target for this short trade is $60,000
This is a technical analysis based on the pattern forming on the BTC price chart. If the market evolution plays out as predicted, shorting BTC when the price tests the $65,200 zone with a target of $60,000 could potentially generate profits. However, risks should still be carefully considered, and proper money management should be applied when executing this trade. You should weigh the decision carefully before making a final choice.
The ZKLINK network is terrible, it processes transactions like the internet in the 1980s, I withdrew ETH from the ZKLINK network to the ARBITRUM network more than 9 days ago but still haven't received the money. Fu*k, bye bye and no see again ZKL.
The $69,500 resistance level for Bitcoin is both a strong technical resistance as well as a key psychological resistance level.
Technical Resistance:
- $69,500 was the all-time high for Bitcoin reached in November 2021.
- This level represents a significant technical hurdle, as many traders and investors will be looking to take profits if Bitcoin reaches this price again.
- Breaking above such a key technical level would signal a strong bullish momentum and potential for further gains.
Psychological Resistance: - $69,500 is a major round number and a psychological milestone for Bitcoin.
- Reaching a new all-time high is a significant psychological event for many market participants.
- There is likely to be a lot of selling pressure as traders and investors who have been waiting to exit positions since the previous peak will look to do so.
The combination of the technical significance and the psychological importance of the $69,500 level makes it a very formidable resistance area for Bitcoin to overcome. Clearing this hurdle would be a very bullish development and could open the door for further advances.
A few observations can be made:
The BTC price is still below the crucial resistance line, and has not been able to break through this level in a sustainable manner. This resistance level remains an important one to overcome.
The RSI has risen to the 70 zone, but has then turned back down. This may suggest that the current buying momentum is not strong enough for BTC to break out.
You've mentioned that when the RSI touches the 60 zone, there is a possibility that BTC will bounce back up and reach the $68,500 level. This is an important resistance level to monitor.
In summary, the BTC market has not been able to decisively break above the key resistance levels. Monitoring the RSI movements and the resistance levels will be important signals to predict the future price trend. I agree with your analysis and hope that the BTC market will soon manage to break out again.
The RSI has formed a continuing bullish divergence pattern, so BTC will likely continue to increase in the coming days.
I am bullish!
Pls help me 1 ref, i will back to U 1 Matic.
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