In the past 24 hours, Bitcoin(
BTCUSDT) has dropped by more than -8%, marking its worst November performance ever, with a decline of about -17.67% this month alone.
Now, the question is whether Bitcoin will continue its downward trend or start to rebound. So, stay tuned!
At the moment, it seems that Bitcoin has successfully broken through the support zone($87,000-$85,130) and is moving toward the Cumulative Long Liquidation Leverage($83,273-$81,900).
From an Elliott Wave perspective, it appears that Bitcoin has completed its main wave 4, forming a bull trap, and is now in the process of completing the main wave 5.
On the fundamental side, we need to pay attention to a few key factors:
1-For one, the USDT.D%(USDT.D) is on the rise, and this could put downward pressure on the crypto market.
2-Another point is that the stock market is also trending upward, but unlike stocks, Bitcoin tends to react more negatively when the stock market declines.
3-The US 10-Year Government Bond Yield(
US10) also appears to be trending upward, causing riskier assets like stocks and Bitcoin to decline.
4-Additionally, geopolitical tensions, especially between the US and Venezuela over the past 72 hours, could also trigger further declines in Bitcoin if they escalate.
Considering all of this, I expect Bitcoin to continue its downward trend and test the heavy support zone($78,300-$71,280). The Potential Reversal Zone(PRZ)[$77,850-$74,500] might serve as a rebound point for Bitcoin, but if the heavy support zone($78,300-$71,280) is broken, we could see a more severe sell-off in the crypto markets.
What do you think? Will Bitcoin drop below $70,000 or not? Let me know your thoughts!
Cumulative Short Liquidation Leverage: $97,100-$98,135
Cumulative Short Liquidation Leverage: $93,215-$94,130
Cumulative Long Liquidation Leverage: $80,263-$78,131
First Target: Cumulative Long Liquidation Leverage: $80,263-$78,131
Second Target: Potential Reversal Zone(PRZ)[$77,850-$74,500]
Stop Loss(SL): $90,423
Points may shift as the market evolves
💡 Please respect each other's opinions and express agreement or disagreement politely.
📌Bitcoin Analysis (BTCUSDT), 4-hour time frame.
🛑 Always set a Stop Loss(SL) for every position you open.
✅ This is just my idea; I’d love to see your thoughts too!
🔥 If you find it helpful, please BOOST this post and share it with your friends.
BTCUSDT) has dropped by more than -8%, marking its worst November performance ever, with a decline of about -17.67% this month alone.Now, the question is whether Bitcoin will continue its downward trend or start to rebound. So, stay tuned!
At the moment, it seems that Bitcoin has successfully broken through the support zone($87,000-$85,130) and is moving toward the Cumulative Long Liquidation Leverage($83,273-$81,900).
From an Elliott Wave perspective, it appears that Bitcoin has completed its main wave 4, forming a bull trap, and is now in the process of completing the main wave 5.
On the fundamental side, we need to pay attention to a few key factors:
1-For one, the USDT.D%(
USDT.D) is on the rise, and this could put downward pressure on the crypto market.2-Another point is that the stock market is also trending upward, but unlike stocks, Bitcoin tends to react more negatively when the stock market declines.
3-The US 10-Year Government Bond Yield(
US10) also appears to be trending upward, causing riskier assets like stocks and Bitcoin to decline.4-Additionally, geopolitical tensions, especially between the US and Venezuela over the past 72 hours, could also trigger further declines in Bitcoin if they escalate.
Considering all of this, I expect Bitcoin to continue its downward trend and test the heavy support zone($78,300-$71,280). The Potential Reversal Zone(PRZ)[$77,850-$74,500] might serve as a rebound point for Bitcoin, but if the heavy support zone($78,300-$71,280) is broken, we could see a more severe sell-off in the crypto markets.
What do you think? Will Bitcoin drop below $70,000 or not? Let me know your thoughts!
Cumulative Short Liquidation Leverage: $97,100-$98,135
Cumulative Short Liquidation Leverage: $93,215-$94,130
Cumulative Long Liquidation Leverage: $80,263-$78,131
First Target: Cumulative Long Liquidation Leverage: $80,263-$78,131
Second Target: Potential Reversal Zone(PRZ)[$77,850-$74,500]
Stop Loss(SL): $90,423
Points may shift as the market evolves
💡 Please respect each other's opinions and express agreement or disagreement politely.
📌Bitcoin Analysis (BTCUSDT), 4-hour time frame.
🛑 Always set a Stop Loss(SL) for every position you open.
✅ This is just my idea; I’d love to see your thoughts too!
🔥 If you find it helpful, please BOOST this post and share it with your friends.
Trade active
New Cumulative Short Liquidation Leverage: $89,014-$87,631
New Cumulative Long Liquidation Leverage: $86,058-$85,558
Trade closed: stop reached
Stop loss was touched, BTC more pumps right now. I am looking for a Long position.Note
I closed the long position.(Target Done)=scalping 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
🎁Get a 20% Discount on your trading FEE on BYBIT:👉partner.bybit.com/b/PEJMANZWIN
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.