Bitcoin will Go Down Again!?
2024-11-28

Yesterday's data, including  GDP ,  Core PCE , and  Unemployment Claims , indicate persistent inflationary pressures and a relatively strong U.S. labor market. This could increase the likelihood of continued hawkish monetary policy from the  Federal Reserve , typically strengthening the dollar and putting downward pressure on  risk assets like Bitcoin( BINANCE:BTCUSDT ) .

Conversely, if markets interpret these figures as nearing the  end of the Fed's rate hike cycle , it could be a  bullish signal for Bitcoin .

 Bitcoin  has managed to  break  the  Ascending Channel  in the last two days. (as I expected in the  previous post ).

Currently,  Bitcoin  is moving in the  Resistance zone($97,642-$97,180)  and near the  lower line  of the ascending channel  and  Important Resistance line . Yesterday's upward movement  can be considered a  pullback  to the ascending channel (broken).  One of the signs  of the completion of a pullback can be the  Shooting Star Candlestick Pattern ( You can see this pattern in the 4-hour time frame ).

According to the theory of Elliott waves, Bitcoin seems to be completing a  corrective wave , a  Zigzag corrective(ABC)  wave structure.

Also, considering that  USDT.D%( CRYPTOCAP:USDT.D )  will again follow an  upward trend  and  BTC.D%( CRYPTOCAP:BTC.D )  will follow a  downward trend ,  Bitcoin  may be corrected again. Maybe the conditions( In terms of Correction ) of  Altcoins  will be better than Bitcoin.

I expect  Bitcoin  to start falling again after the  pullback completes , and the first target is the  CME Gap($93,835-$93,720) , and then attack the  Support zone($90,000-$88,700)  again.

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 ⚠️Note: If Bitcoin goes above Resistance zone($97,642-$97,180), we can expect it to touch $100,000.⚠️ 

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

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