Bitcoin Analysis ==>> Bearish Pennant Pattern!!!
2024-10-23

Bitcoin (  BINANCE:BTCUSDT  ) moved and filled the  CME Gap  as ✅I expected from the  previous post .

 Bitcoin  was able to move itself  below  the  Important Resistance Line  and  Resistance zone($70,080- $68,250) .

Regarding  Elliott wave theory ,  Bitcoin  seems to have completed the  main wave 5  as I expected with the  Ending Diagonal . Currently, Bitcoin has completed 5 bearish (small) waves and is  completing corrective waves .

In terms of  Classical Technical Analysis , Bitcoin has the ability to form a  Bearish Pennant Pattern  or  Head and Shoulders Pattern . ( I drew the pattern separately for you so that the chart is not busy .)👇

I expect  Bitcoin  to continue its decline to  at least $65,500 , and if the  Support zone($66,500- $64,480)  is broken, we should expect  more Bitcoin declines .

 ⚠️Note: If Bitcoin can break the Resistance zone($70,080-$68,250) and Resistance lines, we should wait for a new All-Time High(ATH) for Bitcoin.⚠️ 
 

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

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