PPI Shock Pushes Bitcoin Higher – Fake Pump Before Drop?

[nihalsari]

Bitcoin has been making high momentum Sharpe moves over the last few days, which has made it a little difficult to trade, which is why I am still sticking to my previous analysis, and this analysis is an update of targets and even new entry points.

Bitcoin is currently moving near the Resistance zone($114,720-$113,580), Reversal Zone(PRZ)[$114,280-$113,540], Cumulative Short Liquidation Leverage($114,510-$113,771), Monthly Pivot Point, and Resistance lines= a set of Resistances

A few minutes ago, the US Core PPI m/m and PPI m/m data were released, which triggered a pump in Bitcoin. In my view, we should wait for Bitcoin to digest this shock and then continue its real trend.

Do you agree with me?

In terms of Elliott Wave theory, it seems that Bitcoin has completed microwave 5 of microwave C of the main wave Y, and we can expect a downtrend.

I expect Bitcoin to drop again to at least $111,600(First Target).

Second Target: $110,883

Third Target: $110,000 and more dumps.

Stop Loss(SL): $114,923(Worst)

CME Gap: $117,235-$113,800

Cumulative Long Liquidation Leverage: $110,822-$109,752

Note: Be sure to follow capital management and do not take risks.

Please respect each other's ideas and express them politely if you agree or disagree.

Bitcoin Analysis (BTCUSDT), 1-hour time frame.

Be sure to follow the updated ideas.

Do not forget to put a Stop loss for your positions (For every position you want to open).

Please follow your strategy and updates; this is just my Idea, and I will gladly see your ideas in this post.

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