Bitcoin Stuck in a Range—Breakout or Breakdown Next?
2025-02-15
Category: None

Bitcoin ( BINANCE:BTCUSDT ) started to rise as I expected in the  previous post  but once again  failed  to break the  50_SMA(Daily) . In general, Bitcoin has been moving in a  range for more than 10 days , making it  difficult  for  Bitcoin traders .

 Bitcoin  is moving in the  Resistance zone($100,520-$97,200)  and created a  Fake Break  for the  Resistance line .

Meanwhile, it seems that  Bitcoin  has succeeded in forming a  descending channel , and the  falling wedge pattern  has  failed  for me (in the previous post).

Another point is that during the  last 10 days , the most Bitcoin trades were around  $96,700 , which number can play an important role in determining the direction of Bitcoin and can be an  important support and resistance level for us .

Regarding the  Elliott wave theory ,  Bitcoin  seems to have completed the  Double Three Correction(WXY) . An hour ago,  Bitcoin  managed to complete the  microwave C from the main wave Y.  It can be  one of the signs  of the completion of  microwave C ,  which is a fake break .

I expect  Bitcoin  to attack the  Support zone($96,150-$94,700)  again  AFTER  breaking the  $96,700 level , and this time, it has a higher chance of breaking this zone, and  if this zone  breaks, we should wait for  Bitcoin to decline  to the  Support line .

 Note: If Bitcoin can touch $99,000, we should expect Bitcoin to rise further and possibly break the Resistance zone($100,520-$97,200). 

 Note: Generally, the trading volume is low on Saturdays and Sundays, and the chance that Bitcoin will go out of the range in the next two days is low, although it is not unlikely. 

 When do you think Bitcoin will leave this range (upward or downward)? 

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

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