Bitcoin at a Critical Resistance: Bearish Gartley is forming for BINANCE:BTCUSDT by pejman_zwin
Bitcoin(BINANCE:BTCUSDT) is once again testing the 50_EMA(Daily), the resistance zone, and the Resistance Lines. The recent recovery has been supported by the decline in the U. S. Dollar Index(DXY), alongside gains in the S&P 500 and Gold. Can this macro support push Bitcoin above $66,000, or is another correction about to begin? Macro Outlook The decline in DXY and the rally in U. S. stock indices—particularly the S&P 500—have supported Bitcoin’s recent upward move. Gold has also …
Bitcoin(BTCUSDT) is once again testing the 50_EMA(Daily), the resistance zone, and the Resistance Lines. The recent recovery has been supported by the decline in the U. S. Dollar Index(DXY), alongside gains in the S&P 500 and Gold. Can this macro support push Bitcoin above $66,000, or is another correction about to begin?Macro OutlookThe decline in DXY and the rally in U. S. stock indices—particularly the S&P 500—have supported Bitcoin’s recent upward move. Gold has also strengthened, reflecting broader weakness in the U. S. dollar. However, Bitcoin is now approaching an important technical resistance area that could limit further upside. Technical AnalysisOn the 4-hour time frame, Bitcoin appears to be completing a Bearish Gartley Harmonic Pattern near the Resistance Lines, indicating a potential bearish reversal. 💡 Educational Note: A Bearish Gartley Pattern identifies a potential reversal area through specific Fibonacci ratios, but confirmation from resistance and bearish price action remains essential. I expect Bitcoin to resume its bearish movement over the coming hours and decline at least toward the key trading level of $64,000. If $64,000 is broken, the correction could extend toward the Cumulative Long Liquidation Leverage zone. Trade SetupFirst Target: $64,000Second Target: Cumulative Long Liquidation Leverage zone($63,400-$62,550)Stop Loss(SL): $65,803(Worst)Cumulative Short Liquidation Leverage: $66,100-$65,200Which level do you think Bitcoin will reach first?🔴 $63,000🟢 $66,000📌 Bitcoin Analysis (BTCUSDT), 4-hour time frame. 🛑 Always use proper risk management and set a Stop Loss(SL) for every position. 🚀 If this analysis helps your trading plan, a BOOST would help more traders discover it. DisclaimerThe 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 theTerms of Use.