Suspicions of an Bitcoin correction.
For Bitcoin, a similar correction formation could result in a ±10% move to the $60,000 range, targeting the 50% Fibonacci level.
In the general group, I mentioned a possible correction for Bitcoin to around $60,000 and Ethereum to $2,800-$3,000. I have decided to temporarily exit my positions. If the correction occurs, we will look for entry points at lower levels.
#btc #bitcoin
In the general group, I mentioned a possible correction for Bitcoin to around $60,000 and Ethereum to $2,800-$3,000. I have decided to temporarily exit my positions. If the correction occurs, we will look for entry points at lower levels.
#btc #bitcoin
Note
Looking at the liquidation levels for Bitcoin over the past three months, it appears that the market maker has cleared out the first batch of short traders. A 50% Fibonacci correction is needed to accumulate more short positions, making it easier for Bitcoin to rise above $70,000. Currently, I'm considering this scenario: from the current prices, I anticipate a Bitcoin correction to around $60,000 and Ethereum to $2,800-$3,000, followed by a rise above $70,000.
How much higher?
If we compare the Fibonacci zones of 161.8%-227.20%, the target range is $89,000-$100,000. Limit orders are present in that area on the order maps from Binance and Coinbase.
If this scenario unfolds, we can conclude that this will mark the alt season and a significant rise in altcoins, along with the approval of the Ethereum ETF and an influx of 100-200 million traders from Hamster Kombat.
These are my current thoughts on the crypto market situation. 🤔🤔🤔
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Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.