š”Over the past four days, $BTC has been heavily influenced by Middle Eastern tensions, especially between Iran and the U.S., as well as a sudden drop in the S&P 500 index. As Iāve mentioned in previous ideas, when the S&P 500 makes sharp moves, Bitcoinās correlation tends to rise. Consequently, Bitcoin has dropped over 15%, losing key support one after another.
š“Bitcoin has now lost a key support level around $67,300 after breaking major support lines, which could signal continued downside in the coming days. However, we might also expect a pullback to this important support level in the short term.
šFrom an Elliott Wave perspective, looking at Bitcoinās daily chart, it seems to be completing its major Wave 3. Iāve highlighted the possible wave roadmap on the chart.
āŗIn terms of support levels, given the large liquidation of long positions, we might anticipate support around round numbers, such as $60,000.
šøAlso, note that the DXY index is on an upward trend, which could be further bad news for crypto markets, especially Bitcoin.
š”I expect Bitcoin, in the coming hours, to experience a short-term upward correction despite the strong recent drop. However, we need to keep an eye on the S&P 500 and Middle Eastern developments simultaneously. This might make things tricky for traders, given the many parameters to assess. Also, I expect Bitcoin to approach the heavy support zone in the days ahead; weāll need to watch the momentum as it approaches.
Whatās your view on Bitcoin? Can it drop below $60,000 or not?
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https://t.me/ProTrader_365 #BTC Price Analysis#
š“Bitcoin has now lost a key support level around $67,300 after breaking major support lines, which could signal continued downside in the coming days. However, we might also expect a pullback to this important support level in the short term.
šFrom an Elliott Wave perspective, looking at Bitcoinās daily chart, it seems to be completing its major Wave 3. Iāve highlighted the possible wave roadmap on the chart.
āŗIn terms of support levels, given the large liquidation of long positions, we might anticipate support around round numbers, such as $60,000.
šøAlso, note that the DXY index is on an upward trend, which could be further bad news for crypto markets, especially Bitcoin.
š”I expect Bitcoin, in the coming hours, to experience a short-term upward correction despite the strong recent drop. However, we need to keep an eye on the S&P 500 and Middle Eastern developments simultaneously. This might make things tricky for traders, given the many parameters to assess. Also, I expect Bitcoin to approach the heavy support zone in the days ahead; weāll need to watch the momentum as it approaches.
Whatās your view on Bitcoin? Can it drop below $60,000 or not?
Join Our Telegram for More Updates!š
https://t.me/ProTrader_365 #BTC Price Analysis#