BTC/USDT Weekly update 10.07.2024
Zaktualizowano
📌 Trading Instrument: 📌
🔶 BTC/USDT 🔶
📝 Detailed Market Overview: 📝
Bitcoin has finally reached a key confluence zone around the 0.61-0.65 Fibonacci retracement levels. At the moment, BTC is showing signs of bearish divergence on the 1-hour timeframe, and a similar pattern is forming on the 4-hour timeframe. Such divergences are typically seen at the end of waves, indicating a potential reversal is approaching.
The current price structure appears corrective, with Wave B being characterized by a sideways abcde pattern, which is commonly observed during Wave B or Wave 4 of a larger trend. However, given the overall market context, it’s more likely that this is a Wave B scenario, as a Wave 4 doesn’t fit the current wave count.
Now, Bitcoin seems to be completing the last Wave C of this corrective structure, which would mark the end of this short-term bullish bounce within the larger bearish trend. Rejection is expected within the next 1-2 hours, unless BTC breaks above $66,000. As long as this level holds, the swing-term trend remains bearish.
Additionally, the entire corrective bounce has been supported by a diagonal trendline, which is currently acting as a key support level. A break below this diagonal trendline would confirm that the top is in, signaling a bearish reversal on lower timeframes. This would align with the broader bearish market trend, and we could see Bitcoin targeting $58,000 as the first key support, with a potential to drop as low as $47,000 in the coming weeks.
🔍 Bearish Signals:
Bearish divergences on the 1H and 4H timeframes.
A potential Wave C completion within the corrective structure.
Key support trendline is at risk of breaking.
🎯 Bearish Targets:
If confirmed, the downside targets include:
$58,000
$47,000
💡 Bullish Case:
If BTC breaks above 66k it will be confrimation its going to break ATH!
⚠️ Disclaimer: 🚫 This is not financial advice. Always trade responsibly and conduct your own research. 🚫
🔶 BTC/USDT 🔶
📝 Detailed Market Overview: 📝
Bitcoin has finally reached a key confluence zone around the 0.61-0.65 Fibonacci retracement levels. At the moment, BTC is showing signs of bearish divergence on the 1-hour timeframe, and a similar pattern is forming on the 4-hour timeframe. Such divergences are typically seen at the end of waves, indicating a potential reversal is approaching.
The current price structure appears corrective, with Wave B being characterized by a sideways abcde pattern, which is commonly observed during Wave B or Wave 4 of a larger trend. However, given the overall market context, it’s more likely that this is a Wave B scenario, as a Wave 4 doesn’t fit the current wave count.
Now, Bitcoin seems to be completing the last Wave C of this corrective structure, which would mark the end of this short-term bullish bounce within the larger bearish trend. Rejection is expected within the next 1-2 hours, unless BTC breaks above $66,000. As long as this level holds, the swing-term trend remains bearish.
Additionally, the entire corrective bounce has been supported by a diagonal trendline, which is currently acting as a key support level. A break below this diagonal trendline would confirm that the top is in, signaling a bearish reversal on lower timeframes. This would align with the broader bearish market trend, and we could see Bitcoin targeting $58,000 as the first key support, with a potential to drop as low as $47,000 in the coming weeks.
🔍 Bearish Signals:
Bearish divergences on the 1H and 4H timeframes.
A potential Wave C completion within the corrective structure.
Key support trendline is at risk of breaking.
🎯 Bearish Targets:
If confirmed, the downside targets include:
$58,000
$47,000
💡 Bullish Case:
If BTC breaks above 66k it will be confrimation its going to break ATH!
⚠️ Disclaimer: 🚫 This is not financial advice. Always trade responsibly and conduct your own research. 🚫
Zlecenie zamknięto ręcznie
Closed trade at 59.8k
Wyłączenie odpowiedzialności
Informacje i publikacje przygotowane przez TradingView lub jego użytkowników, prezentowane na tej stronie, nie stanowią rekomendacji ani porad handlowych, inwestycyjnych i finansowych i nie powinny być w ten sposób traktowane ani wykorzystywane. Więcej informacji na ten temat znajdziesz w naszym Regulaminie.