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The Bitcoin price still ping between support and resistance, but is still moving for the bulls at the moment. This is due to the fact that the price still retains well above $ 100,000, and this is a psychological level that can be a determining factor for a bull or bear movement. In the midst of this, Crypto analyst Xanrox believe That the Bitcoin price goes down after reaching its new all-time high nearly $ 112,000, and this downward trend would push Altcoins further down.
Why the Bitcoin price breaks
The reason for the decrease in the Bitcoin price, as set out by the Crypto analyst, is that the leading cryptocurrency actually breaks down from an increasing parallel channel that was formed while the price has risen from $ 74,000 to $ 112,000. This was seen in the first downward trend that Bitcoin sent from $ 111,000 to $ 103,000, before the relief rally.
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In addition to the rising channel, the Crypto analyst also points to the formation of a symmetrical triangle in the channel. This is also important to keep an eye on, because symmetrical triangles are known for radical liquidity. Although these liquidity wipe are not one -sided, it is still remarkable as it is possible Swipe the liquidity above and below the triangle. The chances in the direction of the Liquidity Scrape increase in a direction, depending on whether the bears or bulls are currently dominating.
Xanrox also explains that the Bitcoin price has already completed the five full waves of the Elliot golf theory, and as such the following is a corrective ABC golf. In this case it is expected that it will fall back to 0.382, 0.500 and 0.618 Fibonacci levels.
Where to start buying
With the expectation that the Fibonacci levels will fall to 0.382, then 0.500 and then 0.618, the first perpetrator where the Bitcoin -Price is expected to fall To is just below $ 98,000. At this level, the Crypto analyst believes that it is time to start buying. In addition to the graph formations, Xanrox also evokes a non -filled real value gap (FV) at this level, and as soon as it fills, it is a great level to start buying before the next wave to the top.
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If this decline takes place, it is expected that Altcoins will actually fall further from here. This would also bring them to great buying levels, especially since altcoins are so close to low levels of the low time. However, after the first FVG is filled and there is no strong momentum, the second Fibonacci level at 0.500 sets the Bitcoin price at $ 92,000.
In the meantime, the third and final Fibonacaill level at 0.618 places it as low as $ 87,500. “Usually we want to look for a buying option at the FIB levels of 0.382, 0.500 or 0.618,” explained the crypto analyst.
Featured image of dall.e, graph of tradingview.com