BitcoinLong
Bitcoin Set for Explosive Breakout?
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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