Bitcoin Pullback or Trend Reversal? Key Levels to Watch!
2025-02-03
Category: None

Bitcoin  failed to Break the  $107,000 Resistance  as in the  Previous post  (the  7th attack failed ).

 Bitcoin (  BINANCE:BTCUSDT  )is moving in the  Resistance zone($100,520-$97,200) , near the  Support lines , the  50_SMA(Daily) , and  Monthly Pivot Point .

This  upward movement  these few hours can be in the form of a  pullback  to  50_SMA(Daily)  and  Support lines (broken) . Of course,  the worrisome point is the momentum of this upward movement .

According to the theory of  Elliott waves , this increase of these few hours can be in the form of the  main wave 4 . The  main wave 4  structure so far is a  Zigzag correction(ABC/5-3-5) .

I expect  Bitcoin   to once again attack the  100_SMA(Daily)  and the  Heavy Support zone($93,300-$90,500) .

 Cumulative Short Liquidation Leverage: $102,926-$100,450 

 Cumulative Long Liquidation Leverage: $92,570-$91,249 

 Note: If Bitcoin goes below $97,000, we should have more confidence that this analysis is correct. 

 Note: If the CME Gap($102,580-$100,320) fills in this uptrend, we should expect another attack on the $107,000 resistance. 

 Do you think the correction of Bitcoin continues, or should we wait for Bitcoin re-pumps in the coming hours? 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), 1-hour time frame.

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