Bitcoin Analysis: Potential Dump and Gap Filling
Current Situation
Bitcoin (BTCUSDT) is currently trading within the support zone ($70,100-$68,420) and is close to the support line. Based on Elliott Wave theory, Bitcoin has likely completed the main wave 4, albeit with some irregular movements.
Potential Scenario
It is anticipated that Bitcoin will soon break through the support line, allowing the completion of the main wave 5. This completion is likely to occur within one of the Potential Reversal Zones (PRZs) and involve the filling of the CME Gaps in a sequential manner.
Trading Strategy
To mitigate risk, it is essential to implement stop-loss orders for all open positions. Additionally, it is crucial to adhere to your own trading strategy and stay updated with the latest market developments.
Disclaimer
Please remember that this analysis represents my personal perspective and should not be considered financial advice. It is always recommended to conduct thorough research and consider consulting with a financial advisor before making any investment decisions.
Key Points
* Bitcoin is currently in the support zone.
* A potential break of the support line is expected.
* Main wave 5 completion is likely within a PRZ and CME gap filling.
* Use stop-loss orders and follow your trading strategy.
Let's Hear Your Thoughts
Please feel free to share your own insights and analysis in the comments section. Your contribution is valuable and appreciated.
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