Move toward the level of 73,000 units
According to the January 21 analysis, after identifying the trading range and determining its highs and lows, we expected Bitcoin to complete this pattern at 92,303.
However, after reaching this level on the daily timeframe, the price made a strong spike, breaking the large trading range between 92,303 and 106,436, entering a new phase and movement.
After its adventure at 86,903, this asset continued its downward movement, breaking through this range as well. Currently, it has reached a new price level at 80,000, driven by the strong spike movement.
Now, we must wait to see whether this direct movement will continue or if it will proceed with some delay and consolidation.
It is important to note that if this level is lost, Bitcoin’s price on the daily timeframe could potentially extend its move down to 73,000, which is also the expected level. The reason is that such a strong spike movement requires a powerful support level for correction or a temporary halt in this dominant wave.
However, after reaching this level on the daily timeframe, the price made a strong spike, breaking the large trading range between 92,303 and 106,436, entering a new phase and movement.
After its adventure at 86,903, this asset continued its downward movement, breaking through this range as well. Currently, it has reached a new price level at 80,000, driven by the strong spike movement.
Now, we must wait to see whether this direct movement will continue or if it will proceed with some delay and consolidation.
It is important to note that if this level is lost, Bitcoin’s price on the daily timeframe could potentially extend its move down to 73,000, which is also the expected level. The reason is that such a strong spike movement requires a powerful support level for correction or a temporary halt in this dominant wave.
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