Bitcoin Faces Resistance for the 7th Time—Breakout or Rejection?

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Bitcoin(BTCUSDT) is attacking the Resistance zone($107,300-$105,400) for the seventh time; even in one of these attacks, it created a Bull Trap.

During the last two to three days, Bitcoin has formed an Ascending Channel(Black) and another Ascending Channel(Purple) in the 15-minute time frame.

According to the theory of Elliott waves, Bitcoin seems to be completing microwave 5 of the main wave 5, and we can expect corrective waves at least up to the upper line of the descending channel(broken).

I don't expect Bitcoin to succeed in breaking the Resistance zone($107,300-$105,400) in the seventh attack, although there is positive news around the crypto market, but I think we need a stronger stimulus to break this resistance zone (real news).

Cumulative Short Liquidation Leverage: $108,218-$106,476

Cumulative Long Liquidation Leverage: $104,460-$103,911

Note: The negative point is that the upper line of the descending channel was not broken with a large volume, so we hope for the break of the Resistance zone($107,300-$105,400).

Note: If the lower line of the ascending channel(Black) is broken, we can expect further decline and filling of the CME Gap($101,525-$100,375).

Note: If Bitcoin goes over $108223, we can expect more pumps and maybe a new ATH.

Can Bitcoin break the Resistance zone($107,300-$105,400) and create a new All-Time High(ATH)!? 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), 15-minute time frame.

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Giao dịch đang hoạt động

The short position was activated after the lower line of the ascending channel(Purple) was broken.

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Đóng lệnh: đạt mục tiêu

First Target Done

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Ghi chú

Full Target Done