. Technical Analysis
- Trend Analysis:
- A higher high was observed around the $101,000 level.
- Recent rejection suggests a potential retracement or consolidation.
- Key Support and Resistance Levels:
- Resistance: ~$101,000 (recent swing high).
- Support: ~$97,000 (local swing low).
- Candlestick Patterns:
- A bearish engulfing candlestick appeared near $101,000, indicating selling pressure.
. Elliott Wave Analysis
- Wave Structure:
- The chart suggests a potential corrective wave structure (ABC):
- Wave A: Decline from ~$101,000.
- Wave C: A continuation of the decline, targeting the $97,000-$96,000 region.
- Projection:
- If this is the start of a new impulsive wave: Wave 1 of a 5-wave structure could lead to a
retest of $103,000.
. Fibonacci Analysis
- Fibonacci Retracement Levels (from $83,000 low to $101,000 high):
- 38.2% Retracement: $96,000 (strong support).
- 50% Retracement: $92,000 (key psychological level).
. Indicators
- RSI (Relative Strength Index):
- RSI is neutral (50), suggesting no immediate overbought or oversold conditions.
- Moving Averages:
- 200-** lies around $96,000 (key support area).
. Summary and Entry Opportunities
- Entry Opportunities:
- Long Position:
- Entry: Around $96,000.
- Take Profit (TP): $101,000, $103,000.
- Stop Loss (SL): Below $94,500.
- Short Position:
- Entry: Around $100,500-$101,000.
- Take Profit (TP): $97,000, $94,500.
- Stop Loss (SL): Above $102,000.
Key Takeaways:
- Critical Support Levels: $97,000, $96,000.
- Critical Resistance Levels: $100,500, $101,000.
- Focus on Fibonacci levels (38.2% at $96,000 and 50% at $92,000) for potential
bounces.
- Elliott Wave suggests potential continuation of the corrective move if $96,000 breaks.
Disclaimer
The analysis provided above is for informational purposes only and does not constitute financial, investment, or trading advice. Cryptocurrency and other financial markets are highly volatile, and past performance is not indicative of future results. Any trading or investment decisions you make are solely your responsibility.
You should conduct your own research and, if necessary, consult with a professional financial advisor before making any investment or trading decisions. Trading with leverage and derivatives carries additional risk, including the potential for total loss of capital. We assume no liability for any losses or damages arising directly or indirectly from the use of the information provided.
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