$BTC 🚨🚨🚨 BTC 1-HOUR ⏳ Timeframe 🚨🚨

#Bitcoin❗ Support and Resistance Levels:

‼️‼️ Analyzing the Latest Patterns and Potential Moves ‼️‼️

Current Analysis:

• Resistance Levels:

• Primary Resistance: $65,943.2 - This level is acting as strong resistance with a trend strength of 3.08 and an angle of 11°, indicating a 2.54% distance.

• Support Levels:

• Primary Support: $64,194.8 - This level is providing strong support with a trend strength of 3.05 and an angle of 24°, indicating a 0.18% distance.

• Current Price Level: $64,311.6 - BTC is trading closer to the support level, but there is downward pressure evident in the current trend.

Latest Patterns:

• Trend Analysis:

• The trend indicators for 50 bars show a downtrend with an angle of -15°.

• For 100 and 200 bars, the trend is also down with angles of -11° and -15° respectively, indicating a consistent downtrend over these periods.

• Identified Patterns:

• Nen Star and AB=CD: These patterns suggest potential reversal zones.

• ABC Pattern: This indicates potential corrective waves in the current downtrend.

Potential Moves:

• Elliott Wave Theory:

• According to Elliott wave theory, BTC might be in a corrective phase. We should monitor BTC’s movement towards the support and resistance zones.

• Price Projection:

• BTC may attempt to test the resistance level at $65,943.2 if it gains bullish momentum, but the overall downtrend indicates potential for further decline if it fails to break this resistance.

Important Note: Always remember the importance of capital management and avoiding greed.

BTC Analysis (BTCUSDT), 1-Hour Timeframe ⏰

Don’t forget to set a stop loss for any positions you plan to open.#btcupdates2024 #BTC☀ #Alert🔴 #Bitcoin❗