BTC BULL CASE 07/11/2024
📉 BTC/USDT Update 📉
The current 5-wave upward pattern appears to be complete, and the presence of bearish divergences on the 15-minute, 1-hour, and 4-hour timeframes indicates a likely downward correction. Additionally, the declining volume supports this outlook, suggesting potential weakness in the upward momentum.
🔸 Confirmation Level:
A break below $75,600 would confirm the start of a corrective move.
🔸 Target Zones:
Initial Support: $72,000 - $71,700
Deeper Support: 0.61-0.7 Fibonacci levels, around $70,800 - $69,800
If BTC holds these levels, a rebound could take the price toward $82,000 - $85,000, indicating the continuation of the bullish trend. However, a break below $66,000 would mark a bearish shift, opening the door to potential targets in the $44,000 - $37,000 range.
Disclaimer:
⚠️ This is not financial advice! All information provided is for educational purposes only. Always conduct your own research before making any investment decisions. Trading carries a high risk and may result in the loss of capital
The current 5-wave upward pattern appears to be complete, and the presence of bearish divergences on the 15-minute, 1-hour, and 4-hour timeframes indicates a likely downward correction. Additionally, the declining volume supports this outlook, suggesting potential weakness in the upward momentum.
🔸 Confirmation Level:
A break below $75,600 would confirm the start of a corrective move.
🔸 Target Zones:
Initial Support: $72,000 - $71,700
Deeper Support: 0.61-0.7 Fibonacci levels, around $70,800 - $69,800
If BTC holds these levels, a rebound could take the price toward $82,000 - $85,000, indicating the continuation of the bullish trend. However, a break below $66,000 would mark a bearish shift, opening the door to potential targets in the $44,000 - $37,000 range.
Disclaimer:
⚠️ This is not financial advice! All information provided is for educational purposes only. Always conduct your own research before making any investment decisions. Trading carries a high risk and may result in the loss of capital
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