Bitcoin Set for Explosive Breakout? Key Levels and Fibonacci Circles Point to $88K!
Looking at the current Bitcoin chart, the price is positioned close to the 200-day EMA, and the Fibonacci circles seem to be indicating a potential pivotal movement. We've recently completed a corrective wave (C) in the Elliott Wave cycle, and we’re likely entering Wave 1 of the next bullish cycle. If this wave progresses positively as expected, we could see a break back above the 200-day EMA. Historically, once Bitcoin finds support above this key level, the price action tends to be explosive. A return to $70k, which represents the top of the horizontal triangle, is within sight.
Additionally, the measured move from this triangle suggests a target as high as $84.5k. Supporting this view, the 1.618 Fibonacci extension level, derived from the recent high of around $74k and low of about $49.8k, projects a potential upside near $88k. If the price follows its typical trajectory and the Fibonacci circles align, next week could see significant bullish momentum for Bitcoin. The intersection of these technical factors creates an exciting outlook for a possible breakthrough into higher levels.
Looking at the current Bitcoin chart, the price is positioned close to the 200-day EMA, and the Fibonacci circles seem to be indicating a potential pivotal movement. We've recently completed a corrective wave (C) in the Elliott Wave cycle, and we’re likely entering Wave 1 of the next bullish cycle. If this wave progresses positively as expected, we could see a break back above the 200-day EMA. Historically, once Bitcoin finds support above this key level, the price action tends to be explosive. A return to $70k, which represents the top of the horizontal triangle, is within sight.
Additionally, the measured move from this triangle suggests a target as high as $84.5k. Supporting this view, the 1.618 Fibonacci extension level, derived from the recent high of around $74k and low of about $49.8k, projects a potential upside near $88k. If the price follows its typical trajectory and the Fibonacci circles align, next week could see significant bullish momentum for Bitcoin. The intersection of these technical factors creates an exciting outlook for a possible breakthrough into higher levels.
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I’m passionate about analyzing charts and uncovering patterns. Your support means I can dedicate more time to this work. If you'd like to help, follow my link: linktr.ee/pcalzolaio. Thank you!
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.