Despite the important things I entered ATH level early last monthBitcoin prices continue to test critical levels that could shape the trajectory of the next movement. A fresh analysis from Crypto Market expert Casitrades suggests that in the coming days, a broader market can define whether it will face or expand macro corrections. Bullish momentum. For now, the Fibonacci Zone, Elliott’s wave structure, and Relative Strength Index (RSI) The behavior adjusts to construct important narratives around the price direction of BTC.
Possible scenarios for Bitcoin Price Macro Correction
Friday, Cacitrades I explained it X Social Media Posts Recent price surges for Bitcoin We tested the 0.5 Fibonacci retracement level, a key milestone in the recovery phase, for around $116,000. Interestingly, despite this sudden push being high, the RSI highlighted in the price list still does not show the fatigue normally expected at the main top. This suggests that the buyer may still be There is room for further price increase Before you hit the ceiling.
In particular, analysts pointed to $118,000 as the next important level to watch, noting that it coincided with the 0.618 Fibonacci retracement and the 1.236 C-wave target within the developing wave-2 structure. Casitrades describes this area as a critical confluence. A sharp rejection here can confirm it Bitcoin Bull Run has officially endedreinforces the theory that cryptocurrencies remain locked Wave 2 Macro Correction Phase.
Meanwhile, the analyst pointed out that Form the top Around the critical confluence point, make sure BTC is not ready to try, or Invade the newest ever high Instead, you can go deeper. As the chart shows, the potential negative target is well below $115,800,000, the current price level for Bitcoin. A more rapid correction This could potentially bring cryptocurrency back into the $110,000-$106,000 zone in the short term.
$122,000 marks the final test for macro correction
While $118,000 remains the first line of Bitcoin’s resistance, Casitrades emphasized that cryptocurrencies can expand their rally to the $120,000-$122,000 zone if momentum continues. This level is considered the final test that determines whether macro corrections are preserved or failed. 0.786 It is consistent with the Fibonacci retracement, making it an even more formidable region of resistance.
The expectations are then Bitcoin RSI shows signs of fatigue And as cryptocurrencies face strong rejection in the region, the revision could be quick and important. In this scenario, we confirmed the theory that Bitcoin was set up due to a macro downturn, and that recent rallysers are merely correctional legs.
Related readings
Projected modifications reset the wider structure, Healthier long-term price action. However, if Bitcoin could convincingly break through $122,000, Cacitrades points out that it could completely disable the macro correction narrative and potentially send it to a price level of $122,000-$124,000.
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