Bitcoin Analyze ( BTCUSDT ) Timeframe 1h ⏰
Regular Contracting Triangle: I think that Bitcoin flowed inside the Regular Contracting Triangle for about 12 days.
Regular Contracting Triangle’s Rules:
wave B can retrace 61.8%-78.2% Wave A== it has complied.✅
wave C can retrace 61.8%-78.2% Wave B== it has complied.✅
wave B can retrace 61.8%-78.2% Wave D== it has complied.✅
wave D can retrace 61.8%-78.2% Wave E== it has complied.✅
a triangle consists of 5 corrective waves (ABCDE).= we can see 5 corrective waves on our chart == it has complied.✅
a triangle can only appear in the position of wave 4 of an impulse, wave B/X of zigzags and flats, wave Y of double three sideways corrections, or wave Z of triple three sideways corrections.== it has complied.✅
In contracting & barrier triangles, Wave C does not move beyond wave A, wave D does not move beyond wave B, and wave E does not move beyond wave C. This results in two converging forming as the triangle progresses. The main difference between a barrier triangle is that it creates a virtually horizontal between points B and D ==it has complied.✅
as result, we have all rules on our Regular Contracting Triangle 👍
the price was able to break(trusty) the lower line of our Regular Contracting Triangle and also, the price is pulling back to our triangle. we can see a Bearish Bat Hamonic Pattern + Bearish Pattern on this pullback. I found Point D of our patterns (BAT&AB=CD) at TRZ(Time Reversal Zone).
RSI Analyze: RSI lost the Uptrend line.👉
Also, still, I am believing in Bitcoin Long-term Analyze (Monthly Time frame)📆: Please read this post carefully ( I ❤️LOVE❤️ THIS POST(for Jun 9)😀)👉
My Suggestion: Find best Triggers for opening Short Positions //please do NOT buy Coins for Midterm and Long-term investment until the market finds a way. // if the price goes UP over the Monthly (35060$), then we can think about opening Long positions for the Short-term.
Do not forget to put Stop loss for your positions (For every position you want to open).
Please follow your strategy, this is just my idea, and I will be glad to see your ideas in this post.
Please do not forget the ✅‘like’✅ button 🙏😊 & Share it with your friends, Thanks, and Trade safe