Bitcoin Analysis | Pullback before 100k?
Updated
Hi Traders!
Bitcoin reaching the mythical $100,000 figure seemed a lofty target as recently as a few months ago, as the asset spent months in a narrow range under $65,000. But the promise of swiftly changing U.S. regulations has revived the dream.
That said, the route to 100k may need some pullback before reaching the Target, and this could be considered the last opportunity for the bulls to ride this wave. If we look at the daily chart, the trend remains bullish but BTC is approaching a major resistance area that could trigger a corrective structure on a lower time frame.
It will be necessary to update this analysis when we have clear levels to follow.
Thanks for your support!
Bitcoin reaching the mythical $100,000 figure seemed a lofty target as recently as a few months ago, as the asset spent months in a narrow range under $65,000. But the promise of swiftly changing U.S. regulations has revived the dream.
That said, the route to 100k may need some pullback before reaching the Target, and this could be considered the last opportunity for the bulls to ride this wave. If we look at the daily chart, the trend remains bullish but BTC is approaching a major resistance area that could trigger a corrective structure on a lower time frame.
It will be necessary to update this analysis when we have clear levels to follow.
Thanks for your support!
Note
targets harmonic structure:
Note
From a technical point of view our harmonic structure is working correctly and if it manages to trigger a new high, it should be able to reach our Target around 95k. If we look at the last swing in play, we see that Bitcoin remains within corrective structures (ABC Pattern) and this opens the door to several uncertainties around 95k (or slightly above). In fact, from this area a deep bearish leg will start or the market will trigger another important rally - 100K is close -, so it is definitely a "key area". In conclusion, the level at 86.66k is no longer useful to us, and we use the right wing as support for the short-term bullish trend. On 4H chart the closest support is around the 90,600 area.
Trade closed: target reached
Target 1 and 2 hit|
Note
Thank you for your support!
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