Bitcoin Faces Resistance for the 7th Time—Breakout or Rejection?
2025-01-31
Category: None

Bitcoin ( BINANCE: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.

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