later Significant drop this week Bitcoin (BTC) is now poised to test previous resistance levels around $80,600, analysts have suggested. According to technical analysis by market expert Tara: Bitcoin Structure Still OptimisticDespite the continued downtrend, technical indicators are pointing to further upside. She identified potential price targets that could be reached if momentum continues and outlined areas of invalidation that traders should monitor closely.
Bitcoin Testing Major Resistance After Double Bottom
In Monday’s X post, Tara said: famous Bitcoin formed a classic double bottom around $74,000 after last week’s significant price plunge. She pointed out that the cryptocurrency is now retracing upwards from that area and is steadily approaching the next resistance level.
Tara said the market was entering its final stages. Extension of calibration cycle. As a result, she outlined her expectations for BTC’s next move and laid out bullish and bearish scenarios depending on how the cryptocurrency’s price reacts to key resistance levels.
Analysts predict a three-stage move. First, Bitcoin is expected to rise towards the Wave A resistance level near $80,600 on the charts. After that, she expects the cryptocurrency to experience a slight retracement towards $77,600. After this downtrend, Tara believes BTC could see some upside. bullish reversal That brings us back above the $80,000 region. She expected a surge towards the 0.382 macro Fibonacci level, which also corresponds to roughly $83,700.
Tara’s fighting does not end here. She believes that after an initial rally to $83,700, BTC could experience one final decline targeting the macro 0.5 support level around $70,700. She identified this area as the Wave 4 invalidation level and noted that it would not be surprising if Bitcoin tests this new low as support before entering Wave 5.
Invalidation Levels and Wave 5 Expectations
When a community member asked what Bitcoin’s next move would be if it falls further and invalidates wave 4, Tara said: responded Even if Bitcoin targets the second wave low, it will still maintain support at $70,700. She believes that cryptocurrency is inevitably $100,000 level testedThis will be a defining moment for cryptocurrency.
Analysts too shared Her optimistic goals for the fifth wave. She said that once Bitcoin enters this final wave, Could skyrocket to $150,000. She added that if the cryptocurrency falls to the $70,700 support level, the Wave 5 target would be slightly adjusted to $145,000, which would still mark an all-time high for BTC.
Take it for now says Bitcoin is filling support at all macro levels. She noted that it has already filled the 0.236 and 0.382 Fibonacci support levels and is now targeting the final 0.5 Fib support. The analyst also highlighted that Bitcoin’s $150,000 Wave 5 target has remained unchanged since the Wave 3 peak, strengthening the cryptocurrency’s value. Optimistic outlook for the long term.
Featured image from Pixabay, chart from Tradingview.com
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