Bitcoin’s Fake Breakouts—Bears Taking Control!?
2025-02-08
Category: None

Bitcoin ( BINANCE:BTCUSDT ) failed to defeat  Resistance zone($100,520-$97,200) , the  50_SMA(Daily) , and the  Monthly Pivot Point  for the umpteenth time and even created a  Fake Break .

It also seems that  Bitcoin  has been unable to break the  Resistance lines .

According to the theory of  Elliott waves , it seems that  Bitcoin  has succeeded in completing the  corrective wave  so that the  structure  of the  main wave C  is the  Expanding Ending Diagonal .

I expect  Bitcoin  to break the  Support zone($96,520-$95,720)  and touch  $95,500  this time, I told you about the  importance of this price  in the  previous post .

 Note: If Bitcoin can break the  Resistance zone($100,520-$97,200) , the  50_SMA(Daily) , and the  Monthly Pivot Point , we should expect an increase to  Cumulative Short Liquidation Leverage($103,210-$102,454) . 

 It doesn't seem reasonable for Bitcoin these days to provide a long-term or even mid-term analysis, and we need to stick to a series of resistance and support levels in order to determine the next targets. Do you agree with me?
 

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

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