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Toliman’s cryptographic analyst used the Wave Elliott theory to ensure that Bitcoin is currently in this market cycle. Based on its analysis, Bull run It is not over yet, with flagship cryptocurrencies to achieve up-to-date ups.
Elliot wave theory shows the current position of Bitcoin in this cycle
IN X PostToliman noticed that in the theory of wave Elliot 5-Fali moves up usually means a basic trend, and the “ABC” correction is a natural reversing of this trend. Based on this, he stated that unless This bitcoin correction He breaks the main long -term support levels, such a decrease would usually establish another stubborn phase with a higher degree.
On the Bear side, his accompanying table showed that Bitcoin can still correct up to 73,969 USD on ABC’s correction wave. However, as the analyst suggested, suspending over this level of support can send BTC to up-to-date ups.
Technical expert Tony Severino He recently warned that the price of bitcoins is in an uncertain position. Despite the recent boost, he suggested that BTC was still in the bear. The expert noticed that if the daily rush exceeds Bearish, he can prevent the weekly stubborn crossovers and pull out the weekly LMACD below zero.
In another post, Severino noticed it Daily RSI Bitcoin It was not possible to exceed 70, which is a key trigger required for a stubborn impulse. He noticed that the defeat at the age of 70 last time led to the most cruel leg of the last bear. He added that the whole bears remained below 70.
The technical expert also noted that in 2023 two local tops reached above 70, but it was not convincing enough, while in 2024 the entire repair phase remained below 70 on RSI. Basically, Severino emphasized the importance of 70 for RSI and how BTC is still in the bear.
BTC wants to fill the cum gaps below and above
Cryptographic analyst Titan of Crypto He revealed that Bitcoin is looking for gaps in Futures CME below and above its current price. A significant gap is from USD 96 480 to USD 97,300, while the downward gap is from USD 91,990 to USD 93,400. In another post, the analyst suggested that BTC could fill the gap in the field before moving to the goals.
It happened as he noted that another key support for Bitcoin is Daily gate value gapor about USD 90,000. The analyst added that it is likely to reflect from this zone. His accompanying table showed that the goal in this reflection is USD 102,096.
At the time of writing, the bitcoins price is about USD 94,300, according to the last 24 hours, according to data with coinmarketcap.
A distinguished picture from Unsplash, tradingview.com chart
