Bitcoin Needs Correction==>>Filling CME Gaps

hace 21 horasBitcoin started pumping after the announcement of the US Federal Funds Rate (The Federal Reserve lowered the US Federal Funds Rate by 0.5% to 5.00%.).

Considering that lowering Funds Rate is potentially good for the cryptocurrency market, lowering Funds Rate while the US government continues to print and spend money is a big mistake. I predict that investors may prefer bonds to riskier assets such as cryptocurrencies as interest rates fall.

Bitcoin is currently moving in the Resistance zone($63,500-$61,460), Potential Reversal Zone(PRZ), near the 21_SMA(Weekly) and 200_SMA(Daily), Yearly Resistance(3) and upper lines of the Ascending Channel.

According to the theory of Elliott waves, Bitcoin seems to have succeeded in completing the Zigzag correction(ABC/5-3-5).

Also, Regular Divergence (RD-) between Consecutive Peaks.

Before drawing a better conclusion, let's take a look at the USDT.D% and BTC.D% charts.

USDT.D% is moving near the Support zone, the lower line of the Descending Channel and the Potential Reversal Zone(PRZ). I expect USDT.D% to rise at least to the Resistance zone again, bringing down the Bitcoin price.👇

BTC.D% is moving in a Heavy Resistance zone. According to Elliott's wave theory, BTC.D% seems to be completing the main wave 5 with the Ending Diagonal. I expect BTC.D% to start its downward trend soon, which could cause Bitcoin to fall more than other tokens.👇


Based on the above explanation, I expect Bitcoin to at least drop to the Support zone($60,000-$59,100) and Support lines and fill the CME Gaps.

Note: If Bitcoin can break the Resistance zone($63,500-$61,460), we should expect Bitcoin to rise to at least $65,000.

Bitcoin Analyze (BTCUSDT), 1-hour time frame⏰.

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