Bitcoin at Resistance: Expanding Triangle Hold=>Last Chance!!!
2025-01-17
Category: None

Bitcoin ( BINANCE:BTCUSDT ) is moving in the  Resistance zone($104,700-$101,920) , near the  upper lines  (resistance role) of the  Expanding Triangle Pattern ,  Monthly Resistance(1) , and  Time Reversal Zone(TRZ) .

In terms of  Classic Technical Analysis ,  Bitcoin  seems to be moving in an  Expanding Triangle Pattern   during the last 30 days  . If the upper line is validly broken, this pattern will be failed.

According to the theory of  Elliott waves , it seems that  Bitcoin  can move in an  Expanding Flat(ABC/3-3-5)  in the  4-hour time frame . Bitcoin is currently  completing microwave 5 of the main wave C .  If Bitcoin touches $107,000 , the possibility of this corrective pattern  being failed  is very high.

I expect  Bitcoin  to drop to at least  $100,000 .

 Note: If Bitcoin goes below $107,000, we can expect BTC to make a new All-time High(ATH). 

 Note: There is also the possibility of Bulltrap formation. 

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Bitcoin Analyze (BTCUSDT), 4-hour time frame⏰.

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