Bitcoin Needs Correction==>>Filling CME Gaps
2024-09-19

Bitcoin  started  pumping  after the announcement of the  US Federal Funds Rate  ( The Federal Reserve lowered the US Federal Funds Rate by 0.5% to 5.00%. ).

 Considering that lowering Funds Rate is potentially good for the cryptocurrency market, lowering Funds Rate while the US government continues to print and spend money is a big mistake. I predict that investors may prefer bonds to riskier assets such as cryptocurrencies as interest rates fall. 

 Bitcoin  is currently moving in the  Resistance zone($63,500-$61,460) ,  Potential Reversal Zone(PRZ) , near the  21_SMA(Weekly)  and  200_SMA(Daily) ,  Yearly Resistance(3)  and  upper lines of the Ascending Channel .

According to the theory of  Elliott waves , Bitcoin seems to have succeeded in completing the  Zigzag correction(ABC/5-3-5) .

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

Before drawing a better conclusion, let's take a look at the  USDT.D%  and  BTC.D%  charts.

 USDT.D%  is moving near the  Support zone , the lower line of the  Descending Channel  and the  Potential Reversal Zone(PRZ) . I expect  USDT.D%  to rise at least to the  Resistance zone  again,  bringing down the Bitcoin price .👇

BTC.D% is moving in a Heavy Resistance zone. According to  Elliott's wave theory ,  BTC.D%  seems to be completing the  main wave 5  with the  Ending Diagonal . I expect  BTC.D%  to start its downward trend soon,  which could cause Bitcoin to fall more than other tokens .👇


Based on the above explanation, I expect  Bitcoin  to at least drop to the  Support zone($60,000-$59,100)  and  Support lines  and  fill the CME Gaps .

 Note: If Bitcoin can break the Resistance zone($63,500-$61,460), we should expect Bitcoin to rise to at least $65,000. 

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

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