BTC mini correction not done? Downside to 8500-ish still in play
So we bounced off the mega downtrend line connecting all the way back to 20000 ATH. Big fat red candle on the 4HR reflects bearish sentiment still strong.
MACD showing lower peaks and now curving down.
Until we break last week's high of 11776, technically we are still in correction mode.
So in this chart I present the scenario in which we are in B of ABC correction.
A copy-paste of the A-wave trajectory will pull prices down to 8600-ish level, which would conveniently line up with 200DMA prices.
I have presented this scenario in my first analysis.
So what to look out for here?
A decisive break below 9800 would nullify this runup to 11000 and thus confirm it as the the B wave.
A fast and decisive break above 11000 in the next 24-48 hours would see stronger rally towards the 15000 target.
As traders, one important thing is that we need to keep our mind open and be prepared for all possible scenarios.
MACD showing lower peaks and now curving down.
Until we break last week's high of 11776, technically we are still in correction mode.
So in this chart I present the scenario in which we are in B of ABC correction.
A copy-paste of the A-wave trajectory will pull prices down to 8600-ish level, which would conveniently line up with 200DMA prices.
I have presented this scenario in my first analysis.
So what to look out for here?
A decisive break below 9800 would nullify this runup to 11000 and thus confirm it as the the B wave.
A fast and decisive break above 11000 in the next 24-48 hours would see stronger rally towards the 15000 target.
As traders, one important thing is that we need to keep our mind open and be prepared for all possible scenarios.