Bitcoin is languishing on micro support at 83,180. Analysts caution that falling below this point may lead to the wave v fall and possibly touch November lows.
Bitcoin is at a critical juncture where it is trying to find micro support. The dominant cryptocurrency is floating around important price points. Technical analysts pay close attention to possible breakdown indicators.
Source: Morecryptoonl
BTC is in micro support, which is indicated by Morecryptoonl on X. The action of the price pertains to the wave B of IV. The building indicates that it could be extended one more step higher. A decline to below 83,180 would, however, carry significance. This violation may signal the presence of wave v downside in progress.
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Will $85K Support Hold or Crumble?
The critical retest of the $85,000 to $86,000 zone is now underway. The price behaviour of Bitcoin at this level dictates the direction in the short term. These levels are observed with greater interest by the participants in the market.
TedPillows tweeted on X regarding this support zone. Bitcoin once again is testing its $85,000-86,000 support level. When this level is not held, the effects may be disastrous.
Traders ought to anticipate a revisit of November lows. The warning points out the downside risk on prevailing prices.
Source:TedPillows
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Technical Breakdown Threatens Lower Prices
The wave analysis indicates a sensitive market structure. A major threshold is the micro support of $83,180. Bulls still hope to get a final push up. Bears expect a correction to lower lows.
The Elliott Wave pattern indicates that positioning would be prudent. A fall below the micro support would hasten selling pressure. The next target would be the lows of November. This transition may cause more volatility in the market.
The direction of prices in the sessions to follow will be decisive. The levels of support and resistance are also subjected to strict tests. Traders are hedging against a possible breakdown or breakout.
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