The price promotion of Bitcoin has demonstrated intense strength in recent days to finally bounce completely from the weakness at the end of June. After he had briefly immersed in the low range of $ 108,000 for the past 24 hours, Bitcoin succeeded in one New of all time from $ 112,022. According to Data from Coinglass, This step was enough to cause more than $ 470 million in short liquidations in the cryptomarket.
Bitcoin’s newest price behavior has fueled a shift in sentiment and is addressing the argument that the window for shortage may be officially closed. According to Crypto Analyst Credibull Crypto, it is now effective “illegal” to short bitcoin.
New Bitcoin -Impuls may have already started
To the social media platform X, Crypto -analysts Credibull Crypto noted that it is now illegal To be Bitcoin too short. In addition to a 24 -hour period of intense price activity, this comment comes with data on chains that show a trade volume of $ 60.15 billion.
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Credibull Crypto placed a detailed graph and technical analysis on X, which explains why he believes that Bitcoin’s short steps are now a dangerous strategy. His analysis is striking on the Elliott golf on the 8-hour candlestick-time frame graph. His previous golf analysis reflects two possible scenarios. The first includes a short rejection above $ 110,000, followed by a corrective withdrawal to the $ 102,000 zone, an area that he emphasized as an important daily demand level. The result would be a lateral consolidation for the next large upward boost.
Since then, however, he has acknowledged that Bitcoin has possible already started with his next large leg Up, that’s the second scenario. This scenario completely bypasses the corrective phase in the first scenario. As the analyst formulated it, “there is a non-no-out chance that the next impulse has already started.” In both scenarios, the commentary of Credibull emphasizes that the disadvantage of the current levels is limited, and the short steps are now Bitcoin equal to fighting Strong upward momentum.
Why it is now a dangerous bet to fail Bitcoin
It is now illegal to Bitcoin too short Bitcoin. Not in the literal legal sense, but because the current structure of Bitcoin does not support bearish bets. The current setup is One of a continuation above $ 111,000 in the coming days. If Bitcoin knew the range from $ 111,000 to $ 112,000 with sufficient conviction, this would confirm a vertical increase in golf 3 of a new Elliott impuls cycle.
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Interesting is that the price target for this Golf 3 is approximately $ 130,000. A correction can result from that level to form an impulse wave 4 before Bitcoin enters another strong bullish leg. Then, finally, the Most bullish scenario places Bitcoin on a last Wave 5 movement up to $ 150,000.
At the time of writing, Bitcoin acts at $ 111,270. The disadvantage is currently limited and the focus should now be on identifying long chances instead of trying to make the early stages of another explosive rally.
Featured image of Pixabay, graph of TradingView.com