Bitcoin Correction Started!?
2024-11-25

Bitcoin ( BINANCE:BTCUSDT ) started  pumping again today  with the help of the following  two News :

 1-Chinese Court Declares Bitcoin and Crypto Ownership Legal.

2-Trump Plans White House Crypto Advisor Role. 

These days,  Bitcoin  is more  influenced by the news  than before.

 Bitcoin  managed to break the  Important resistance lines  with the help of the  above news .

Since  Bitcoin  does  NOT  have a  previous price history at current prices , its analysis is associated with challenges, but I will try to  analyze  it for you with  technical analysis tools  and  other parameters .

 Bitcoin  reacted well to the  new Potential Reversal Zone(PRZ) .But  Bitcoin  could not touch the  magic number of $100,000 ; one of the reasons for not touching this number is  many sell orders  that were exactly on the number of $100,000.

According to the  Elliott wave theory , Bitcoin has entered  five new impulsive waves  after breaking the important resistance lines. It completed the  main wave 5 .
It seems that we can wait for  Bitcoin correction waves .

In terms of  Classic Technical Analysi s,  Bitcoin  seems to be completing the  Bump phase  and entering the  Run phase  of the  Bump-and-Run Top Pattern .👇

It also seems that  USDT.D% ( CRYPTOCAP:USDT.D ) will have an  upward trend ,  which can cause Bitcoin correction .

I expect  Bitcoin  to  attack the lower line of the ascending channel  after approaching the  Resistance zone($97,642-$97,180) .

 🙏Please respect each other's ideas and express them politely if you agree or disagree.🙏 

⚠️ Note: If Bitcoin goes above $98,700, we can expect it to touch $100,000. ⚠️

⚠️ Note: Bitcoin can start to rise again from the lower line of the ascending channel. ⚠️

⚠️ Note: We should expect a deeper correction if Bitcoin goes below the Support zone($95,600-$92,000) and breaks the lower line of the ascending channel ⚠️

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

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