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The recent price promotion of Bitcoin has demonstrated three weeks after reaching a new highlight of $ 111,814 signs of the fading of Momentum. The leading cryptocurrency Climb over $ 110,000 On Monday of the Back from cooling American inflation data And a temporarily weaker dollar.
However, the rally was short -lived. Make a profit, compiled Due to geopolitical tensions between Israel and Iran, contributed to a risk-off environment that Bitcoin pushed under $ 105,000 for the past 24 hours. This sharp reversal emphasizes a significant technical level that could decide whether Bitcoin maintains his upward trend or goes into a crash to $ 94,000.
Latest Fibonacci resistance with the line
According to A new analysis shared Due to pseudonymous crypto analyst XFORCEGLOBAL on the social media platform X, the current corrective structure of Bitcoin can become deeper if it would not overcome the 88.6% Fibonacci resistance level. The analyst emphasized that the bullish impulse that Bitcoin now wore Seems to lose steam.
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The price zone around $ 110,500, which is characterized by the 88.6% Fibonacci resistance, is not convincingly violated and causes doubts about the strength of the current golf structure. Bitcoin tested this level twice earlier this week, and, as noted by the analyst, if this resistance level cannot break quickly, there is a small possibility of a deeper withdrawal.
If this withdrawal occurs, this would lead to the formation of a corrective Golf C, and with clear symmetry in an ABC -correcting pattern. In this case of corrective Golf C, the next central interest area plays around the level of $ 94,000, an area that matches the completion of a larger boost 2.
Wave 2 dip up to $ 96,000 before Bullish Wave 3 starts
The overview of a corrective Golf 2 and a Bearish Impuls Golf 2 is based on Bitcoin’s prospects that did not know the 88.6% Fibonacci resistance at $ 110,000. Applying the Elliott golf count to the current price promotion shows that the recent push at $ 111,814 all-time high was a larger bullish impulse wave 1. However, the subsequent correction has since also been played in the form of a Sub-Golf 123 structure and an ABC-correcting pattern. In total, a larger corrective boost 2 is expected to become 2.
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Nevertheless, XFORCEGLOBAL noted that Bitcoin is stillAfter very bullish structure At the macro level. If the price action takes place in this way, the next movement would be a reversal after the impulse wave 2 to $ 94,000 with Bullish Impuls Golf 3. In this case, the analyst projected an extension displacement that Bitcoin would send to another of all time. The target in particular in this case would be an increase of more than $ 118,500. At the time of writing, Bitcoin acts at $ 105,000, with 2.5% in the last 24 hours.
Featured image of Getty Images, Chart van TradingView.com