Despite experiencing a significant Dive earlier last month from Ath -levelsThe Bitcoin price continues to test crucial levels that can form the process of the next move. A new analysis of the Crypto market experts’s CasiTrades suggests that in the coming days you can determine whether the wider market will receive or be a macro correction Bullish Momentum. For the time being, Fibonacci zones, Elliott Wave structures, and Relative strength -Index (RSI) Behavior is getting up to build a critical story about the price direction of BTC.
Possible scenarios for Bitcoin -PRijsmacro -Correct
On Friday, CasiTrades explained In an x social media post that Bitcoin’s recent price buttons has tested the 0.5 Fibonacci retracement level around $ 116,000, an important milestone in the recovery phase. Interesting is that, despite this sudden push higher, the RSI that is emphasized on the price chart still has to demonstrate the exhaustion that one would usually expect at an important top. This suggests that buyers can still Have room to further send the prices upstairs Before touching a ceiling.
The analyst in particular pointed to $ 118,000 as the next critical level to view, and noted that it coincides with the 0.618 Fibonacci racement and the 1,236 C golf goal within the developing Golf 2 structure. Casitrades has described this area as a decisive confluence. A sharp rejection here can confirm that Bitcoin’s Bull Run has officially endedStrengthening the theory that the cryptocurrency is locked in one Wave 2 Macro -correction phase.
On the other hand, the analyst noted that Form a great around the decisive confluence point that BTC is not ready to challenge or Break into new highs of all time And could repeat deeper instead. As the graph illustrates, potential downward goals are far below the current price levels of Bitcoin above $ 115,800, so that a $ 118,000 errors can lead to one Steeper correction That can drag the cryptocurrency back to the $ 110,000 – $ 106,000 zone in the short term.
$ 122,000 marks the last test for macro correction
Although $ 118,000 remains the first resistance line for Bitcoin, Casitrades emphasized that the cryptocurrency could extend its meeting higher to the $ 120,000 – $ 122,000 zone if the momentum persists. This level is seen as the last test that will decide whether the macro correction applies or fails. It is in line with the 0.786 Fibonacci racement, making it an even more formidable resistance area.
The expectation is that if Bitcoin’s RSI shows signs of exhaustion And the cryptocurrency is confronted with a strong rejection in this region, the correction can be quick and significant. In this scenario, Bitcoin would set up for a macro -which confirms the theory that the meeting of recent lows has only been a corrective leg.
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The projected correction can then reset the wider structure, so that Healthier price measures in the long term. However, if Bitcoin succeeds in breaking through $ 122,000 convincingly, CasiTrades notes that it would make the macro correction story completely invalid and it could send it to price levels between $ 122,000 – $ 124,000.
Featured image of Unsplash, graph of TradingView