$BTC I guess BTC longs are waiting at 61.6k | Alex Atashkar on Binance Square

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$BTC I guess BTC longs are waiting at 61.6k

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$BTC BTC has retraced to the 0.618 Fibonacci level, often referred to as the "golden pocket," following its recent bullish breakout. This level typically serves as strong support and could signal potential for a further upward move. However, no clear bullish reversal pattern has emerged at this stage, suggesting that while there is potential, confirmation of a sustained upward trend is still needed. #BTC☀

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$BTC Many are predicting the market will drop, but I see things differently. Yesterday, I highlighted a falling wedge pattern, and after breaking the $61,980 to $62,380 range, it confirmed a bullish trend. We hit $64,420 before pulling back to the same range, which is expected due to recent consolidation. Despite talk of a decline, I remain confident in my analysis and believe we’ll see an uptrend soon. The current market signals are fake breakouts designed to trap traders, but buyers are active, and the bullish move is on the way. Disclaimer: This is not financial advice; confirm trends before trading.

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$BTC This is possibly the first significant move where Bitcoin has fallen behind the rise in gold prices. However, this gap is unlikely to persist, and Bitcoin is expected to move closer to gold’s growth starting Monday, despite the negative impact of ETF selling on its progress. Currently, Bitcoin is hovering above its daily and monthly support levels, completing the monthly correction phase within the second wave of the Elliott Wave theory (bearish wave). To initiate the upward third wave, the ongoing correction needs to be finalized, which could extend for more than three months. It is crucial to maintain the monthly support level throughout this period, so that Bitcoin can eventually navigate through the hourly, daily, and weekly timeframe and ABC corrections slowly. With the CME closed today and tomorrow, significant price movements are unlikely, but an intriguing Monday awaits. Key Support: 55,200 Key Resistance: 62,000

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$BTC As observed on the 4-hour chart, Sundays typically show low volatility for Bitcoin. The daily chart indicates that the previously broken resistance at 59,700 is now reestablishing itself as support on the 4-hour timeframe. If Bitcoin can hold this support, it is likely to move toward higher levels starting tomorrow. However, it is important to note that the 55,000 level has a significant hidden gap, which could result in a sharp drop to 55,000 before potentially rebounding above 60,000. Current support: 59,600 Current resistance: 62,000

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