- Bitcoin climbed from $60,000 to $87,000 as late buyers entered, while Doctor Profit opened a short near $86,200.
- Doctor Profit targets $79,000, using the weekly MA50 as a key level to confirm whether support holds.
- Darkfost sees a possible wave-two correction toward $74,500, where the 50-day and 200-day EMAs converge.
Bitcoin rose to $87,000 after climbing from $60,000, as late buyers entered the market. Analyst Doctor Profit opened a $86,200 short targeting $79,000, while Darkfost mapped a possible $74,500 retracement. Both analysts focused on technical levels after Bitcoin’s recent advance and changing expectations around an October bottom during the latest move.
Doctor Profit Opens Short Near $86,200
Doctor Profit said many traders had expected Bitcoin to bottom in October. However, the move from $60,000 to $87,000 changed sentiment, with more late buyers entering the market. He opened a short at $86,200 and set $79,000 as his first target.
His trade centers on Bitcoin’s weekly 50-day moving average, or MA50. According to Doctor Profit, reclaiming the weekly MA50 produced a bull-market signal. He now wants Bitcoin to retest that level and confirm it as support.
If the MA50 holds, he plans to take profits from the short and buy more Bitcoin and Ethereum. If it fails, he may keep the position open and target lower prices. Doctor Profit also said his spot positions bought around $60,000 remain open. He has not sold those positions, calling the short a correction trade.
Darkfost Watches Elliott Wave Setup
Darkfost said Bitcoin had approached a Fibonacci extension target linked to the Elliott wave pattern underway. His fractal analysis remains valid for a completed wave five. However, he noted that Bitcoin could still print an overshoot.
He also said the RSI could develop bearish divergence. The three-hour RSI has entered overheated territory, according to Darkfost. Meanwhile, the daily RSI is making a lower high while Bitcoin’s price makes a higher high.
If the current move confirms as wave one, Darkfost expects a wave two correction. He said that phase often reaches a 0.382 retracement.
Analysts Mark Lower Levels Below Bitcoin
That retracement would place Bitcoin around $74,500, according to Darkfost. He identified the level as an area where the 50-day and 200-day EMAs converge.
However, a wave five overshoot could push that level higher. Darkfost said his setup should not be treated as bearish.