BITCOIN | A Possible Correction Scenarios.
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Hi,
The price of Bitcoin has printed a new lower low since September of 2020 and it got a close below the trendline (final bearish market confirmation). The close wasn't the strongest one, left a wick, and in the next day, it pumped quite aggressively back above 50k.
Despite the aggressive pump, we cannot forget the happened breaks what the correction has already done. Read it from my previous post HERE. In my opinion, the key area stays between 55k to 60k. From there we might see another correction downwards. How deep it would be? At the moment, I cannot say, but the damages are done and you should be cautious.
The price of BTC is back around 55k and there is quite an important horizontal price zone (white one) which has played role in the past. It has worked as support and after the break below it should start to act as a resistance level. Plus the mid-round nr. 55k should be a small psychological level and the Daily 50 EMA start acting as a resistance. The price has been above 50 EMA since Oct. 2020 but in the last week, we saw that the Daily candle closes below it.
For me personally, the price action doesn't look right to go higher without another correction. It can happen but the candles layout and the one candle pump just don't match with each other to print a low which can drive the price to the new ATH.
So be cautious and there will be better times for BTC from lower prices ;)
Stay healthy,
Vaido
The price of Bitcoin has printed a new lower low since September of 2020 and it got a close below the trendline (final bearish market confirmation). The close wasn't the strongest one, left a wick, and in the next day, it pumped quite aggressively back above 50k.
Despite the aggressive pump, we cannot forget the happened breaks what the correction has already done. Read it from my previous post HERE. In my opinion, the key area stays between 55k to 60k. From there we might see another correction downwards. How deep it would be? At the moment, I cannot say, but the damages are done and you should be cautious.
The price of BTC is back around 55k and there is quite an important horizontal price zone (white one) which has played role in the past. It has worked as support and after the break below it should start to act as a resistance level. Plus the mid-round nr. 55k should be a small psychological level and the Daily 50 EMA start acting as a resistance. The price has been above 50 EMA since Oct. 2020 but in the last week, we saw that the Daily candle closes below it.
For me personally, the price action doesn't look right to go higher without another correction. It can happen but the candles layout and the one candle pump just don't match with each other to print a low which can drive the price to the new ATH.
So be cautious and there will be better times for BTC from lower prices ;)
Stay healthy,
Vaido
Note
:)
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