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In a newly published graph, Elliott Wave -Specialist and Crypto Analyst Big Mike (@Michael_ewpro) sketches a precise route map for the Bitcoin price action, indicating that a break above $ 95,000 – or a bounce of lower support almost $ 72,000 – can put on. His analysis builds on detailed golf counts, several Fibonacci expansion goals and critical advanced averages, and offers a detailed view of the BTCs nearly and medium term options.
What is the next step for Bitcoin?
Big Mike’s Chart displays A complex Elliott wave structure consisting of five main impuls waves and alternating corrective sub-waves. An important area with the label near $ 72,895 corresponds to Golf (C) (C) (IV), which represents an important potential soil when the market breaks under $ 78,000 and remains lower.
Remarkable corrective waves from approximately $ 85,000 to $ 95,000 seem to have formed a larger consolidation phase, which he regards as a precursor to the next directional movement. The graph also locates an upward route of around $ 95,000 and projects impulse waves (3), (4) and (5) that extend to the $ 100,000 – $ 140,000 zone.
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Fibonacci extension goals appear at around $ 114,693 (1.618 extension), which could be the target for Golf (3), followed by a corrective movement up to $ 102,000 before the Golf 5 starting to $ 137.727 (2,618 extension), or even a end bone near almost $..
Collection averages in the range of $ 72,000 – $ 90,000 underline the importance of support in the vicinity of $ 78,000 – $ 72,895, while an upper tire of around $ 90,000 – $ 95,000 represents a crucial resistance corridor. The analyst observes a falling wig formation from mid -February to the beginning of March, with $ 95,000 to $ 85,000, and notes that an upward outbreak could herald a renewed push in the territory of six digits.
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Volume profiles indicate modest participation during recent corrective phases, in addition to a neutral stochastic RSI lecture that suggests that the momentum can shift decisively, depending on which price threshold makes room first.
Big Mike emphasizes two critical lines in the sand: “BTC above $ 95K will quickly activate the movement to my goal of $ 130- $ 140k. Below $ 78k and we test $ 72k and then walk to $ 140k. “From his perspective, both a direct break above $ 95,000 as a deeper dip up to $ 72,895, ultimately on the same upward target near $ 130,000 – $ 140,000.
At the time of the press, BTC traded at $ 90.053.
Featured image made with dall.e, graph of tradingview.com
