Strong corrections occur after the consolidation period
Hello dear friends!
Overall, BTCUSD experienced a significant downturn, plummeting below the $68,000 mark. The outlook now, points to further declines as it has broken out of the recent consolidation period.
In the short term, according to the H4 setup, the cryptocurrency market may recover to retest the breakout point, however the recession scenario is not over yet if the price quickly adjusts back from this zone, Bitcoin will causing a significant decline and the breakout factor will increase as expected after volatility exits the accumulation phase. Based on the current price structure and behavior we have a good chance of catching a correction in this market.
Overall, BTCUSD experienced a significant downturn, plummeting below the $68,000 mark. The outlook now, points to further declines as it has broken out of the recent consolidation period.
In the short term, according to the H4 setup, the cryptocurrency market may recover to retest the breakout point, however the recession scenario is not over yet if the price quickly adjusts back from this zone, Bitcoin will causing a significant decline and the breakout factor will increase as expected after volatility exits the accumulation phase. Based on the current price structure and behavior we have a good chance of catching a correction in this market.
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Trade active:
Prices adjusted sharply without recovering
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