Bitcoin Analysis==>>Risk-To-Reward:4.40

Bitcoin started to rise after the UAE exempted cryptocurrency transactions from Value Added Tax (VAT).

The UAE exempts crypto transactions from VAT starting November 15, aiming to attract more investments and solidify its position as a crypto hub.

Bitcoin is currently moving near the Resistance zone($67,400-$65,000), the Potential Reversal Zone(PRZ), and above the ascending channel.

Regarding Elliott wave theory, Bitcoin has restructured a bit since my previous post. Bitcoin seems to be completing wave C inside the ascending channel.

Also, Regular Divergence (RD-) between Consecutive Peaks.

I expect Bitcoin to decline to at least the Support zone($62,860-$62,110) again, and because there is still a high possibility of tension between Israel and Iran, it is very likely that Bitcoin will come back below 21_SMA(Weekly) and 200_SMA(Daily).

⚠️Note: This analysis is valid until Bitcoin does not touch $66,500.⚠️

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My position: Of course, I manage this position with price changes.

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