Technical analysis of #BTC 1#
Hello all players. Here my first analysis of btc, what I expect from the market in the future applying my technical analysis.
Since last January 11, after the approval of the ETF, a price correction arose in the form of 5 waves towards 38500, after that impulse we could see the formation of an ascending triangle that would give us confirmation of a decline in the form of abc agreeing with the Elliot wave theory.
Currently, bitcoin has been forming an asymmetric triangle for a week, with little volume, leaving liquidity on both sides. Although both sides are fighting, we know that the market is moving through liquidations and we see that at the top we have a liquidation of 520 million USD at 43600 almost 4 times the liquidity of the bottom.
Also if we analyze the dominance of BTC we see that it is making its decline and is approaching the Golden Fibonacci zone with still a rise left.
Continuing with Fibonacci, if we pull a bearish one it would give us that the Golden zone is between 45250-43970.
With all this data on chain, my projection on the price of bitcoin is bullish, breaking that asymmetric triangle and heading to 44600 where we have a bearish orderblock and where the price can rest, for my part I will look into doing price action if the market tells us gives an entry for short at 45500-44600, I will take it without hesitation.
I leave you my graphs and data.
Thank you very much for reading the complete post.
I would also like to thank those who like, follow me and share the post, I like to continue growing and teaching with you, have a nice day of earnings see you later.
