Pulling Bitcoin price: The technical expert gives reasons why he is not in BTC and Crypto
Technical expert Tony Sevirino revealed the reason for his rise in BTC and other iron encryption assets Bitcoin price to withdraw. The analyst also raised the possibility of the main encryption to $ 22,000.
The expert reveals the reason for not going up amid pulling the bitcoin price
in X postSeverino referred to the market courses and the theory of Elliott wave to clarify the reason for its lack of bullish in BTC and other encryption assets. In its accompanying scheme, the most prominent fact that the price of bitcoin recorded 100 % on both wave 1 and wave 5 in This range bullWhich dates back to November 2022.
The expert explained that this indicates that the upper part is present, as the wave 1 and the wave 5 usually record similar gains in the prices. However, the analyst indicated that there is still a possibility that the bitcoin price is higher because it can record a gain similar to the one registered in the 3 -year -old. Bitcoin etfs It was launched last year.
Based on the theory of Elliot Wave, at least the waves must be similar gains in prices, which makes it possible to repeat the 5 wave performance 3. However, Severino seems to bet on this occurrence because it is also the most prominent euphoria around it Donald Trump’s inauguration Another reason is that the top is likely to have a bitcoin price. He pointed out that the stage of ecstasy always comes before the top of the course.
The technical expert admitted that the euphoria about Trump’s inauguration was not as much as he expected. However, he began to highlight a pattern with Periodic peaksThis is another reason that is no longer optimistic about BTC and other encryption assets. Severino indicated that the 1st wave and the 3rd wave was leading directly at the periodic summit. As such, it noticed that it makes sense that the 5 wave will also come at the periodic summit.
Other indicators indicate that BTC was topped
Tony Sevirino also alluded to other patterns and indicators, indicating that Bitcoin price I have come and explained why it’s no longer up to BTC. He highlighted the curved trend line on another scheme, which showed that the main encryption has reached the maximum financial opportunity in this market cycle.
The technical expert continued to shed light on indicators such as the equivalent SAR (stop and reverse), indicating that the bitcoin phase of the reward in this session has stopped and that the reflection may be imminent. Another indicator of it is the average trend index (ADX), which Severino noticed that it shows BTC’s Uptrend Power weakens.
He stressed that the upward momentum of the Bitcoin price is weakening, and it does not seem to return back any time soon. The expert highlighted the logarithm macD as another indicator that proves that the momentum of the main encryption in this market cycle is declining.
Distinctive image from Adobe Stock, Chart from TradingView.com
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