Hi,
it seems that BTC correction is over. As I have said before in my TA, the correction was unlikely to be violent - it did slightly break the EMA1200 (daily 200) but stopped at 0.382 retrace level.
Overall the market is very strong. All indicators show that there is a lot of rally left. The question is how far: I would suggest that 9.4-9.5k level resistance would be important to overcome in the short-term. The fact that a true correction never really occurred may also be a weakness ahead - but it also shows how much FOMO there is in the market.
It is always possible that a downtrend continues - as many points out a break above 11.7k would be important to show that the market is for sure bullish. But you cannot miss out the market till then right? In case you are worried, look for EMA1200 as support and also the downtrend line (around 8.55k) as support. A break below that may signify that there is a reversal. But before then, it would be better to enjoy the rally and take in profits as we meet resistances!
Good luck trading and thanks for reading.
it seems that BTC correction is over. As I have said before in my TA, the correction was unlikely to be violent - it did slightly break the EMA1200 (daily 200) but stopped at 0.382 retrace level.
Overall the market is very strong. All indicators show that there is a lot of rally left. The question is how far: I would suggest that 9.4-9.5k level resistance would be important to overcome in the short-term. The fact that a true correction never really occurred may also be a weakness ahead - but it also shows how much FOMO there is in the market.
It is always possible that a downtrend continues - as many points out a break above 11.7k would be important to show that the market is for sure bullish. But you cannot miss out the market till then right? In case you are worried, look for EMA1200 as support and also the downtrend line (around 8.55k) as support. A break below that may signify that there is a reversal. But before then, it would be better to enjoy the rally and take in profits as we meet resistances!
Good luck trading and thanks for reading.
