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Crypto analyst Tolimanu has used the Elliott golf theory to provide insight into where Bitcoin is currently in this market cycle. Based on his analysis, the bull run Is not over yet, set with the flagship Crypto to reach new highlights.
Elliot Wave Theory shows Bitcoin’s current position in this cycle
In one XTolimanu noted that in the Elliot golf theory a 5-wave movement usually marks a primary trend, and an ‘ABC’ correction is a natural retracement of that trend. Based on this, he stated that unless This Bitcoin correction Breaks large long -term support levels, such a decrease would usually set up the next bullish phase of a higher degree.
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On the bearish side, his corresponding graph showed that Bitcoin could still correct up to $ 73,969 on Golf C of the ABC correction. However, as the analyst suggested, a handle over this level of support BTC could send to new highlights.
Technical expert Tony Severino Also recently warned that the Bitcoin price is in a precarious position. Despite the recent increase, he suggested that BTC is still in a bearish position. The expert noted that if the daily momentum crosses Beerarish, it could prevent the weekly bullish crossover and the weekly LMACD could pull below zero.
In another message, Severino noted that Bitcoin’s Daily RSI Can not exceed 70, which is an important trigger needed for a bullish impulse. He noted that failure at 70 led the last time to the most cruel leg in the last bear market. He added that the entire bear market remained under 70.
The technical expert also noted that in 2023 the two local tops made it above 70, but it was not convincing enough, while in 2024 the entire corrective phase remained below 70 on the RSI. In short, Severino emphasized the importance of 70 on the RSI and how BTC is still in a bearish position.
BTC who is looking for CME openings below and above
Crypto analyst Titan van Crypto revealed that Bitcoin is looking for CME -Futures -holes below and above the current price. The upward gap is between $ 96,480 and $ 97,300, while the narrow gap is between $ 91,990 and $ 93,400. In another message, the analyst suggested that BTC could fill the narrow opening before he went to the upward goals.
This came when he noticed that the next important support for Bitcoin de Daily real value gapThat is around $ 90,000. The analyst added that a bouncing out of that zone is probably. His corresponding graph showed that the target on this bounce is $ 102,096.
At the time of writing, the Bitcoin price acts according to around $ 94,300, according to the last 24 hours, according to facts Van Coinmarketcap.
Featured image of Unsplash, graph of TradingView.com
