BTC attack the support zone

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The Main Pattern I See At The Chart Is a Rising Wedge By The Perfect ABC Formation And The Price Exactly Rejected From The Wave C PRZ (Same As Bitcoin) ,Expect a Breakdown Toward a 3160$ In a Short Term

Fundstrat’s Head Of Research Says Bitcoin Will Reach $150,000, Here’s When

BTCUSD
−1.63%
BTCUSDT
−1.83%
Fundstrat’s head of research, Tom Lee has doubled down on his initial Bitcoin prediction, strongly emphasizing that the pioneer cryptocurrency will surge to $150,000. The Wall Street strategist highlighted Bitcoin’s strong bullish outlook, believing that the cryptocurrency will eventually pull out of bearish trends soon.

Bitcoin To Hit $150,000 In 2024

In a recent interview with CNBC Television, Lee expressed bullish optimism over Bitcoin’s future outlook, reaffirming his previous prediction that the cryptocurrency would reach new all-time highs of $150,000 by the end of 2024.

Earlier in May, Lee made a bullish forecast for Bitcoin, anticipating a dramatic surge to $150,000 before the year ends. At the time, the Fundstrat head of research attributed his ambitious forecast to the cooling down of inflation in the United States (US) and a subsequent increase in the demand for BTC. However, now Lee adds that BTC could witness a sharp rebound following the conclusion of Mt Gox’s Bitcoin repayment process to creditors.

With $9 billion worth of BTC and BCH set to flood the market, speculations are rising concerning potential sell-offs from creditors. This sentiment has led to BTC’s downward spiral, triggering stronger selling pressures from investors.

Bitcoin’s price also fell below $60,000 at some point, recording even more declines as miners sold off their holdings to purchase more effective mining tools. Lee believes that following any Gox’s repayment process, Bitcoin may have a “pretty sharp rebound” in the second half of the year.

Bearish Trends May Be Over For BTC

Bitcoin price has successfully crossed the $60,000 threshold and is now trading at $62,523, as of writing. Since early June, the cryptocurrency has experienced a sharp downward trend, crashing by up to 20% due to the substantial outflows from Spot Bitcoin ETFs.

Hello BTCUSDT enthusiasts, what are your thoughts on BTCUSDT continuing its downward trend?

In today's chart analysis, we can see that in the short term, BTCUSDT has formed a double top pattern and is showing a bearish trend. Overall, the trend remains in favor of further decline, and trading in line with this trend is always a wise choice.

Therefore, I anticipate continuing to sell this coin with a target price of $58,000.

What about you, what are your thoughts on BTCUSDT?

Is the bullish cycle really over? Definitely yes, and in this analysis, I will tell you why! The crypto market is dying in front of our eyes, if you are a hodler of many coins, you can see it very clearly on your account balance. Bitcoin failed to sustain the key level of 62k (0.618 FIB), which is an extremely strong sign of weakness. If you take a look at my Elliott Wave count, you see that the major impulse wave (12345) is complete. This is an impulse wave from the start of the bull market (15476) to the end of the bull market (73777). Take a look at wave (2) and wave (4), they both have a 21.35% pullback, so this Elliott Wave count perfectly matches.

The next reason is the rectangular range at the top of the uptrend. The range is clearly breaking down, which is another sign of weakness. What's more, we have an upward-sloping trendline that is breaking down as well. Currently, there is nothing bullish on this chart. Statistically, what is a classic correction for Bitcoin during major bear markets? 90%, 84%, or 77%. On the chart, I highlighted the 0.618 Fibonacci retracement for a 54% correction. But will this Fibonacci level really hold? Maybe temporary, but at the end, the price will go below it sooner or later.

What we can also consider is the 20 weekly moving average. Bitcoin is currently below it, and we didn't even see any reaction whatsoever.

What to do now? Should you sell your Bitcoin? My arguments are really strong, and I don't even want to know what is going to happen with altcoins. Will altcoins become dust? I am bearish.

Let me know what you think about my analysis in the comment section, and please hit boost and follow for more ideas. Trading is not hard if you have a good coach! Thank you, and I wish you successful trades.

$BTCUSDT $SOLUSDT ETH is really trash coin. Solana is bullish than other cryptos performance. Why? They’ve had really good update recently that dapps now can be implemented on any www. or simple url format. There aren’t any for now but I think this is one of major upgrade and technological advancement for crypto industry this year. I think Solana can break $150 barrier and pump despite overall crypto downturn.

In a bear market, it's essential to:

1. *Stay calm*: Avoid impulsive decisions based on emotions.
2. *Hold or DCA*: Hold your assets or use dollar-cost averaging to accumulate more at lower prices.
3. *Rebalance*: Adjust your portfolio to maintain your target asset allocation.
4. *Focus on fundamentals*: Invest in projects with strong foundations and potential for long-term growth.
5. *Diversify*: Spread investments across different asset classes, sectors, and cryptocurrencies.
6. *Set stop-losses*: Limit potential losses by setting stop-loss orders.
7. *Stay informed*: Continuously educate yourself on market trends and developments.
8. *Avoid leverage*: Refrain from using borrowed funds to trade in a bear market.
9. *Consider hedging*: Use derivatives or other instruments to manage risk.
10. *Be patient*: Bear markets are cyclical, and markets will eventually recover.

Remember, bear markets are opportunities to accumulate assets at lower prices, setting you up for potential long-term gains.

Want more insights or guidance on navigating bear markets? Feel free to ask!

BTC rebounded as expected if attack the support zone of 58700

🧠 From a structural perspective, it makes perfect sense that we started the rally after reaching a non-contradictory bullish zone, as the short structure’s goals have all been achieved.

➡️Now that the short goal has been achieved, it means that this downward trend may end, so there is a high probability that we will break through the downward trend line.

🔥So when the price reaches the downward trend line and resistance area, it will be regarded as the heaviest resistance area, so please be prepared to reduce or close your positions.

Let's see 👀

⚠️Don’t forget risk management⚠️
✔️Trade Security✔️

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I expect Bitcoin to attack the Heavy Support zone($58,700)

Bitcoin started to fall for the umpteenth time with the news that the Mt.Gox exchange would return Bitcoins to the losers, as if the Mt. Gox exchange would start refunding

BTCUSDT
and

BCHUSDT
from the beginning of July 2024 (almost 6 more days).

After a few months, the Fear and Greed index entered the "Fear" range again. But I think it will also enter the "Extreme Fear" range.

Note: Bitcoin has come below the 21_SMA(Weekly) after almost 250 days.

Note: When a reversal pattern fails, it will play a continuation role.

According to the theory of Elliott waves, Bitcoin seems to be completing the microwave 4 of the main wave 3. If the Heavy Support zone($61,100_$58,700) breaks, we can confirm the end of wave 4.

Before concluding, let's take a look at the Market Cap USDT Dominance% (USDT.D%) chart.

USDT.D% has managed to break the Important Downtrend line, and this indicates the increase of USDT.D% and possibly the break of the Resistance zone(5.54%_4.97%) in the following days, which also confirms the fall of Bitcoin.
snapshot

I expect Bitcoin to attack the Heavy Support zone($61,100_$58,700) again after the completion of the microwave 4 of the main wave 3, and the break of the Heavy Support zone can coincide with the news of the refund of the Mt.Gox exchange.

Note: Bitcoin break the Resistance zone($63,450_$62,100), the scenario is change.

Note: An important point you should always remember is capital management and lack of greed.

Bitcoin Analyze (BTCUSDT), 4-hour time frame ⏰.

Do not forget to put Stop loss for your positions (For every position you want to open).

Please follow your strategy; this is just my Idea, and I will gladly see your ideas in this post.

The best things in crypto trading include:

1. *Education*: Understanding blockchain technology, cryptocurrency markets, and trading strategies.
2. *Research*: Staying up-to-date with market trends, news, and analysis.
3. *Risk management*: Setting stop-losses, limiting position sizes, and diversifying portfolios.
4. *Discipline*: Sticking to a trading plan and avoiding impulsive decisions.
5. *Patience*: Waiting for favorable market conditions and avoiding emotional trading.
6. *Diversification*: Spreading investments across multiple assets to minimize risk.
7. *Staying up-to-date*: Following market developments and adapting to changes.
8. *Experience*: Learning from mistakes and refining trading skills.
9. *Clear goals*: Defining investment objectives and risk tolerance.
10. *Reputable platforms*: Using trusted and secure exchanges and wallets.

Remember, crypto trading carries risks, and it's essential to be cautious and informed to achieve success.

Want more insights or guidance on crypto trading? Feel free to ask!