Hello everyone,
I present you my idea and analysis regarding bitcoin.
For what I observe the correction is not over yet and will take us towards 43k, these are the two reasons that lead me to present this hypothesis:
1. As you can see in the weekly time chart bitcoin has not corrected to the 21 weekly moving average for about 6/7 months. In the previous bull run there were several corrections during the movement up towards the 21 ma. It is therefore very likely that the current correction will take us towards 43,000 to retest the 21 ma and then continue its up trend.
2. At the same time you can also see the chart of bitcoin at 1h, I used the pattern of the previous correction and applied it to the current one, the trend is very similar for now, almost identical I would say, and the end of the correction brings us back towards 43,000 of the 21 ma.
In summary I expect a further downward movement to continue which will bring with it all the altcoins, a healthy correction to continue this bull run.
Invalidation of the hypothesis: bitcoin breaks the 52,000 high.
Comments and opinions are welcome.
Have a nice day and be water my friends :)
**NOT financial advice, everyone do their own research**
I present you my idea and analysis regarding bitcoin.
For what I observe the correction is not over yet and will take us towards 43k, these are the two reasons that lead me to present this hypothesis:
1. As you can see in the weekly time chart bitcoin has not corrected to the 21 weekly moving average for about 6/7 months. In the previous bull run there were several corrections during the movement up towards the 21 ma. It is therefore very likely that the current correction will take us towards 43,000 to retest the 21 ma and then continue its up trend.
2. At the same time you can also see the chart of bitcoin at 1h, I used the pattern of the previous correction and applied it to the current one, the trend is very similar for now, almost identical I would say, and the end of the correction brings us back towards 43,000 of the 21 ma.
In summary I expect a further downward movement to continue which will bring with it all the altcoins, a healthy correction to continue this bull run.
Invalidation of the hypothesis: bitcoin breaks the 52,000 high.
Comments and opinions are welcome.
Have a nice day and be water my friends :)
**NOT financial advice, everyone do their own research**