Bitcoin prices continue to be very close to high levels and have dominated the market in terms of profits over the past few months. Considering how big the price was during this period, the expectation for the abandonment began to include as the price moved immediately after continuously going up. This is emphasized by encryption analyst Xanrox, which has been the best time to warn investors about the imminent Bitcoin price conflict and actually buy digital assets.
The analyst calls Bitcoin price recovery as a takeout.
Last week, Bitcoin prices rose higher and went down for a while, exceeding $ 110,000. As encryption investors started betting once again, this pointed out a steady increase in participation. But the market celebrated this climb, but the encryption analyst Xanrox brought about weak development.
The analysis tapped $ 110,000, focusing on Bitcoin Price. But he pointed out that instead of clean breaks, digital assets did not continue to rise even after the descent channel. Given this, Xanrox explains that this is commonly known in the wrong failure or encryption community of the pattern.
What about the bull ship is that it ultimately weakens in nature. Therefore, the price of bitcoin seems to be on the rise, but if the Xanrox is right, the cryptocurrency can soon see the recession, which means that the price conflict occurs.
The analyst also explains that the rise of the Lord has now trapped the bull in a long position, and whales will need liquidity due to commands and will stop losses. Therefore, to capture this liquidity, whales must lower the price, and the 0.618 Fibonacci of the previous impulse is likely to be a culprit of less than $ 103,000.
When is the best price to enter BTC?
The next trend is applied to the current trend to find out where the price of bitcoin can be directed. He explains that Wave 1 is already complete. In other words, Bearish Wave 2 is currently ABC correction.
With this fertilization, the analyst advises investors to wait before entering a long position. The 0.618 Fibonacci Retression level is $ 102,909, so it’s best to enter digital assets. Xanrox also points out that there is a fair value difference (FVG) that is not filled between $ 102,000 to $ 104,000, which is expected to be quickly filled during this period.
However, the overall trend of Bitcoin prices is still optimistic due to Elliot Wave theory. If Wave 2 is completely played, Wave 3 is expected to begin, which is generally much stronger than Wave 1 and can lead to the new BTC at the highest level.
DALL.E’s main image, TradingView.com chart
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