Bitcoin bounces off limit support on OKX: BTCUSDT By MR_gold2 — TradingView

technical analysis

• General trend: downward correction within a larger uptrend
• Clear breakout of a major uptrend (daily and 4-hour)
• Prices are currently bouncing off a strong bottom after a sharp decline
• Still down in areas where supply is still high → Current upward correction has not yet reversed

🌊 Elliott Wave Analysis

• Most likely scenario:
◦ Last drop = shock wave A
◦ Current rise = correction wave B
◦ If the breakout fails, expect a bearish C wave later
•
• Alternatives:
◦ If it breaks through the upper resistance → it will become a new impulse wave
•

⏳ Time analysis

• Internal current time:
◦ Normal recovery time frame after sharp decline
•
• Most:
◦ 2–5 additional bullish candles (H1–H4)
•
• End of window = closer to display area

🔢Number Analysis (Fibonacci and Numbers)

• Rally occurs when:
◦ 0.618 – 0.705 Fibonacci (very strong numerical area)
•
• Current corrective objectives:
38.2%
○ 50%
•
• Any 50% failure = complete landing

🦋 Harmonic model

• Forming possibilities:
◦ Bullish Bat (in progress)
•
• Success conditions:
◦ Stable above the demand area
•
• Model failure = strong sales returns

📰 Fundamental Analysis

• Bitcoin is affected by:
◦ Market liquidity
◦ Risk appetite
•
• There is no strong positive news at the moment
• The current rally is technical and corrective and not backed by strong fundamental momentum

🕯️Price Action

• The cusp has:
◦ Long lower tail
◦ Bullish engulfing candle
•
• but:
◦ Weak peaks near the supply area
•
• Price Action = Cautious Adjustment

📐Art model

• Break an uptrend
• Pullback towards damaged areas
• Price is moving within a short-term upward correction channel

📉 Support and resistance levels

support:

• 68,000
• 65,000
• 60,000 (strategic support)

Resistor:

• 72,000
• 75,000
• 78,000 (potential reversal area)

📦 Supply and demand area

• 🟢Strong demand areas:
◦ 65,000 – 68,000
•
• 🔴Powerful display area:
◦ 74,000 – 78,000
•

📍 Be stable

• Current Stable Point: 71,000
• Stable above = Continued upward correction
• Break it = retest the order

🎯 Pivot area

• Critical areas: 70,500 – 71,500
• Trading above = temporary positive
• Below = significant selling pressure

💡Trading recommendations

🔵 First case (preferred – correction)

sell on rallies

• Sales quantity: 74,000 – 77,000
• Stop Loss: 79,500
• Target:
◦ 71,000
◦ 68,000
◦ 65,000
•

🟢Alternatives (Hackers)

Only purchase if:

• Penetration and stability exceeding 78,000
• Target:
◦ 82,000
◦ 88,000
•

⚠️Capital management is mandatory – market volatility is strong

Watch the video for full analysis
Link below
https://youtu.be/JTobVi5g6EA?si=RUVa_6lDMhLSbBvc