Bitcoin price on The edge of great outbreakWith the construction of momentum where it approaches the major resistance. According to the recent technical analysis, In the next stage BTC can pay about $ 130,000; However, some critical upward assurances are needed first.
The Bitcoin price was set for $ 131,000
New HOV encryption analyst has introduced Technical Analysis Elliott Wave From the price of bitcoin recently mail On x (previously Twitter). According to Hove, it can go beyond the previous pioneering currency The highest level ever is more than 109,000 dollars And reach $ 131,060 during this market cycle.
The analyst has set a detailed road for Bitcoin to strike this new goal, focusing on the upscale assurance pattern supported by the main technical indicators.
HOV is still optimistic about Bitcoin despite its back The lower direction and shatter the priceQuoting the currency currency approach to confirming a great level as the driving force to topple it. The analyst revealed that the slow Bitcoin grind The main resistance level In a range of $ 89,000 – $ 94,000.
Analyst price plan examination, the structure is developed from the last depression as a potential Qatari style, and is usually considered a correct confirmation formation in Elliot wave theory. However, Hovs warns that resistance is not the ideal level of starting new locations as a merchant.
Instead, traders should closely watch a small leg to complete the 5 wave in the direct time frame. This would represent the end of the short-term rush and lead to a decline in the wave health 3-a major part of the upscale affirmation.
With Bitcoin currently in Wave 5Supporting about $ 80,000 is now the most important to watch. The retreat that buyers find in this level would confirm strength and may pave the way for power Reverse head and shoulder style At the base of the graph.
If Bitcoin holds $ 80,000 while retracting and recovering the resistance of $ 89,000, it will verify a larger wave step 3. This penetration is likely to carry the price towards the goal of Fibonacci 1: 1 at $ 94,000 as a first station.
However, the real challenge awaits us, with psychological and college resistance near $ 100,000. The upper timeline (HTF) will be above this level is a major bullish sign, as it opens a path towards new levels, with Fibonacci extensions that indicate a possible summit at $ 131,060.
While the HOV scheme is determined, if the wave structure continues to play, Bitcoin may prepare for more than others Exclusive collapse. However, as mentioned, the emphasis on the main levels will be the decisive factor if this upscale preparation is a reality.
Update Bitcoin price movement
The Bitcoin price is currently trading at $ 84,968, which represents a 1.6 % modest profit during the past week. Although Price collapse predictions because of Increased volatility The result of recent political developments in the United States (the United States), the leading cryptocurrency remains flexible, aims to overcome critical resistance levels and reach new levels.
According to Coincodex DataBitcoin turned into a neutral area after it was stuck in a landmark area. While it is Fear and greed indicator It still reflects uncertainty, the cryptocurrency maintains a wide upward look in the long run.
Distinctive image from Shutterstock, the tradingView graph
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