Bitcoin Analysis—Bulls vs Bears—Who Will Win This Battle!?
2025-02-10
Category: None

As I expected in the  previous post ,  Bitcoin ( BINANCE:BTCUSDT ) attacked the  Support zone($96,520-$95,720)  and  100_SMA(Daily)  but started to rise again. The increase in the last few hours has  NOT  been accompanied by  high volume  so far.

 Bitcoin  is moving in the  Resistance zone($100,520-$97,200)  and near the  Potential Reversal Zone(PRZ) , the  upper lines  of the  Falling Wege Pattern , the  Monthly Pivot Point , and  50_SMA(Daily) .

According to the theory of  Elliott waves , Bitcoin seems to have succeeded in completing the  Expanding Flat(ABC/3-3-5)  near the  upper lines of the Falling Wege Pattern . If Bitcoin goes above  $99,200 , this  wave count will expire .

 Educational tip :  If you cut the falling wedge pattern exactly in half, you will notice that most of the candles are in the lower half, and whenever Bitcoin hits the upper lines, it starts to fall immediately, which means that the power of sellers is more than buyers. Although the wedge pattern is a bullish pattern, we cannot expect an increase until the upper line is validly broken. 

I expect  Bitcoin  to  re-attack  the  100_SMA(Daily)  and  Support zone($96,520-$95,720)  in the coming hours, and  if it breaks , it will also attack the  lower line  of the  falling wedge pattern .

 Note: If Bitcoin breaks the upper lines of the falling wedge pattern in huge volumes, we should most likely wait for the break of the Resistance zone($100,520-$97,200). However, the main resistance of Bitcoin is the $107,000 range. 

 Note: If Bitcoin manages to break the lower line of the falling wedge pattern and 100_SMA(Daily), we should wait for Bitcoin to attack the Heavy Support zone($93,300-$90,500) and Support lines. 

 Which scenario do you think will happen to Bitcoin? 

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

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