Bitcoin Analysis==>>Risk-To-Reward:4.40
2024-10-07

Bitcoin  started to rise after the  UAE  exempted cryptocurrency transactions from  Value Added Tax (VAT) .

 The UAE exempts crypto transactions from VAT starting November 15, aiming to attract more investments and solidify its position as a crypto hub. 

 Bitcoin  is currently moving near the  Resistance zone($67,400-$65,000) , the  Potential Reversal Zone(PRZ) , and  above the ascending channel .

Regarding  Elliott wave theory , Bitcoin has restructured a bit since  my previous post . Bitcoin seems to be  completing wave C  inside the ascending channel.

Also,  Regular Divergence (RD-)  between  Consecutive Peaks .

I expect  Bitcoin  to decline to at least the  Support zone($62,860-$62,110)  again, and because there is still a high possibility of  tension between Israel and Iran , it is very likely that Bitcoin will come back below  21_SMA(Weekly)  and  200_SMA(Daily) .

 ⚠️Note: This analysis is valid until Bitcoin does not touch $66,500.⚠️ 
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 My position: Of course, I manage this position with price changes. 

 BTCUSDT 

🔴Position: Short

✅Entry Point: 64347.0 USDT  (Limit Order)

⛔️Stop Loss: 65283.0 USDT  [ You can open a Short position where the Stop Loss(SL) is $66,500 ]

💰Take Profit:

🎯62493.0 USDT ===>>>Risk-To-Reward: 1.98

🎯60229.0 USDT ===>>>Risk-To-Reward: 4.40

Please don't forget to follow capital management ⚠️

Please pay attention to the style of opening the position.⚠️
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Bitcoin Analyze (BTCUSDT), 1-hour time frame⏰.

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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