Over the past few days, due to the news of the ETF's approval and implementation, Bitcoin entered an exciting phase that led to a price increase to the ceiling of the channel you are viewing. When the price reached the ceiling of the channel, a price correction was not out of the question, but this alone is not acceptable, because it has hit the ceiling of the channel, so it is time for a price correction.
In the meantime, important factors affect the behavior of the price, one of which is the review of ONchain data. Checking the input and output flow
According to statistics from the CryptoQuant website, Bitcoin miners have put more selling pressure on the price, which is playing an important role in today's correction.
Let's skip that and get back to the technical. You will probably notice that it is quite natural to correct up to the center line of the channel. In our opinion, this line plays the role of a support range. But if this support breaks for any reason, Bitcoin's next stop would be the bottom of the channel, around 32,000.
In the meantime, important factors affect the behavior of the price, one of which is the review of ONchain data. Checking the input and output flow
According to statistics from the CryptoQuant website, Bitcoin miners have put more selling pressure on the price, which is playing an important role in today's correction.
Let's skip that and get back to the technical. You will probably notice that it is quite natural to correct up to the center line of the channel. In our opinion, this line plays the role of a support range. But if this support breaks for any reason, Bitcoin's next stop would be the bottom of the channel, around 32,000.
Comment:
As I mentioned in the picture, the price reached the middle line of the channel, now it is up to you to decide how to react. Trader failure or trader reaction...