#Bitcoinhalving In the last 3 days of the countdown, it may fall below $60,000! #btc #btcnews #bitcoin market trend #bitcoin market #bitcoin real offer #btc #bitcointrading #iran #israel

Hello everyone, today is Tuesday, April 16, 2024. This issue focuses on studying and judging this week’s trend through Bitcoin’s daily and 4-hour lines.
#Bitcoin #Introduction to technical analysis #Bitcoin real offer #dogecoin #solana #sol #btcnews #Israel #Iran #Iran attacks Israel #Bitcoin etf #Bitcoin mining #Bitcoin wallet

The countdown to Bitcoin’s fourth halving is still 3 days away. At this important point in time, major currencies experienced an accelerated decline and encountered the Iranian night attack on Israel in the Middle East this past weekend. Due to the uncertainty of the war, the decline of major cryptocurrencies led by Bitcoin accelerated that night.

However, the losses were quickly recovered. This is because Israel successfully intercepted 99% of drones and missiles launched from Iran. The imminent all-out war in the Middle East has been postponed. Therefore, cryptocurrencies such as Bitcoin have stabilized and rebounded.

First, let’s look at Bitcoin’s daily chart. After Bitcoin hit this year's and all-time high of $73,777.00 on March 14, 2024, its continuous rise took a break. From March 14, 2024 to today, Bitcoin has run a callback with an ABC three-wave structure.

In terms of wave structure, the drop from the high of $73777.00 on March 14, 2024 to the low of $60775.00 on March 20, 2024 is a falling wave A, with a decline of $13,002. Then, Bitcoin rebounded and rose, belonging to the B wave, in which the sub-wave structure of the B wave ran three waves. In the graph you see now, wave B is subdivided into wave B-a, wave B-b and wave B-c.

The high of wave B-c is the high of $72,797.99 on April 8, 2024. This high and the high of $73,777.00 on March 14, 2024 formed a double top pattern, which then triggered a continued decline, which is a C-wave decline in wave structure.

The decline of wave C is from the high of $72,797.99 on April 8, 2024 to the low of $60,660.57 on April 13, 2024. The decline during this period is $12,137.42.

As mentioned just now, the decline in wave A is $13,002. Wave B did not hit a new high, and wave C fell to $12,137.42. In other words, the decline of wave C is smaller than that of wave A. Wave C runs a depletion correction wave. According to the rules of wave theory, the amplitude of wave C is usually larger than wave A, or the same length as wave A. The appearance of a depleted C wave indicates strong support below and aggressive buying.

On the daily chart on April 13, 2024, it can highlight the strong power of buying. The day's candle closed with a long lower shadow. Therefore, through daily chart analysis, Bitcoin has completed the adjustment of three waves of ABC, and wave C is running a depleted wave C. The low of $60,660.57 on April 13, 2024 will be an important support in the future.

Looking at the 4-hour chart, a downward pressure line is formed connecting the high of $73,777.00 on March 14, 2024 and the high of $72,797.99 on April 8, 2024. If it then forms a parallel channel with the low of $60,775.00 on March 20, 2024. We find that Bitcoin’s 4-hour chart is running within this parallel channel. At present, the price is still a certain distance away from the support of the lower track of the parallel channel. If it is calculated, the support level of the lower track of the parallel channel is around $60,000.

To sum up, there are still 3 days left before Bitcoin’s fourth halving. The wave theory analysis of Bitcoin has completed, or to be more accurate, it has reached the end of the C-wave decline, and there is strong buying support below. Through the parallel channel analysis on the 4-hour chart, Bitcoin needs to continue to test the support of the lower track of the parallel channel, and it is not ruled out that the price will touch $60,000.

Tsuka Syukaki shares the latest FX market, gold and cryptocurrency views anytime every day.

The views expressed in this video are not investment advice.

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00:00 Introduction
00:45 Iran’s night attack on Israel causes BTC to fall
02:48 Daily Chart Technical Analysis
03:47 4H technical analysis