After the tariffs that Donald Trump approved for the European Union and China, Bitcoin(
BTCUSDT) received a shock with each approval. Otherwise, Bitcoin should have returned to the upward trend, at least in the short term.
Bitcoin seems to have failed to break 200_SMA(Daily), and most of the time the invalid break is accompanied by the opposite movement of that break with high momentum. Also, Bitcoin seems to have broken the Resistance zone($83,530_$82,250) and is pulling back to this zone.
In terms of Classic Technical Analysis, it seems that Bitcoin has succeeded in completing the Descending Broadening Wedge Pattern.
According to the theory of Elliott waves, Bitcoin seems to have completed five downward waves and we should expect Bitcoin to rise.
Also, we can see the Regular Divergence(RD+) between Consecutive Valleys.
I expect Bitcoin to rise AFTER breaking the upper line of the Descending Broadening Wedge Pattern up to the targets I specified on the chart.
Do you think Bitcoin correction is over?
Note: If Bitcoin goes below the 200_SMA(Daily), expect more dumps.
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Bitcoin Analyze (BTCUSDT), 1-hour time frame.
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