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Bitcoin’s latest basic procedure showed signs of dull momentum three weeks after reaching the highest new level ever at $ 111,814. The leading encrypted currency Climbing again 110,000 dollars Monday off Behind inflation data cooling And a dollar is temporary.
However, the assembly was short -term. Achieving profit, vehicle Through geopolitical tensions between Israel and Iran, it has contributed to a risk environment that prompted Bitcoin to less than $ 105,000 during the past 24 hours. This sharp reflection highlights an important technical level that can decide whether Bitcoin maintains an upward direction or falls into a collision of about 94,000 dollars.
Fibonacci’s final resistance to the line
according to Share new analysis By xForceglobal on the x social media platform, the current corrective structure of Bitcoin can deepen if it fails to overcome the level of Fibonacci resistance 88.6 %. The analyst highlighted that the motivation is the rise that carried the bitcoin now It appears to lose steam.
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The price area has not been penetrated about $ 110,500, which features a resistance of 88.6 % Fibonacci, convincingly, which suspects the strength of the current wave structure. Bitcoin tested this level twice earlier this week, and as the analyst noticed, if this resistance level fails soon, there is a simple possibility of a deeper decline.
In the event of this withdrawal, this will lead to the formation of a cortup C, and with the distinctive symmetry in ABC corrective style. In this case where the Correctional C wave is run, the next central field of attention is located around the level of $ 94,000, an area that is compatible with the completion of the greater motivation wave 2.
The wave decreased 2 to 96,000 dollars before the upper wave starts 3
The targeted corrective wave 2 and the Habboudia 2 driving wave depends on the failure of the Bitcoin inspection in scanning Fibonacci resistance by 88.6 % at $ 110,000. The ELLIOTT wave application on the current price procedure shows that the last batch to 111,814 dollars at all was a larger upward driving wave. However, the correction that followed since then has also played in the form of the 123 -wave structure, and ABC corrective pattern. In general, this is expected to form a larger corrective motivation.
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However, XFORCEGLOAL noted that Bitcoin is still IA very fasting structure At the macro level. If the price movement is operated in this way, the next step after the 2 to 94,000 driving wave will be the opposite of the upper driving wave 3. In this case, the analyst showcases an expansion step that will send Bitcoin to the highest level ever. It is worth noting that the target price in this case will be an increase of more than 118,500 dollars. At the time of writing this report, Bitcoin is traded at $ 105,000, a decrease of 2.5 % over the past 24 hours.
Distinctive image from Getty Images, Chart from TradingView.com
