BitcoinUpdated BTC: April full correction to 45.8k?
Price action in the last six hours puts a full correction in April squarely on the table.
If this plays out like it did in January and February, we can expect a significant further drop in the coming hours.
Using Fibonacci analysis of previous corrections as a guide, we can project — though not confirm — that BTC hit the 0.702 in its initial downside impulse and now will fill in that wick with a full 4hr candle close on the 0.786 level, at 49.918.
In this second wave, BTC will probably wick down below that, perhaps reaching to 48k.
We'll then likely see a strong bounce to the upside.
But as in previous full corrections, this is simply a denouement, before the real bottom comes in.
Based on Fibonacci analysis of the January and February corrections, this could come in at 45.8k.
Nothing is certain.
This could be a shallower correction. But right now, it seems not.
On the macro Fibonacci (see linked analysis "BTC: 83.6k as possible peak?"), this would be a bounce from the 0.702 down more than halfway into the 0.5 Fibonacci level.
A bearish sign, but reversing the macro Fibonacci, a very strong demand zone between the 0.5 and 0.618.
Feel free to comment.
If this plays out like it did in January and February, we can expect a significant further drop in the coming hours.
Using Fibonacci analysis of previous corrections as a guide, we can project — though not confirm — that BTC hit the 0.702 in its initial downside impulse and now will fill in that wick with a full 4hr candle close on the 0.786 level, at 49.918.
In this second wave, BTC will probably wick down below that, perhaps reaching to 48k.
We'll then likely see a strong bounce to the upside.
But as in previous full corrections, this is simply a denouement, before the real bottom comes in.
Based on Fibonacci analysis of the January and February corrections, this could come in at 45.8k.
Nothing is certain.
This could be a shallower correction. But right now, it seems not.
On the macro Fibonacci (see linked analysis "BTC: 83.6k as possible peak?"), this would be a bounce from the 0.702 down more than halfway into the 0.5 Fibonacci level.
A bearish sign, but reversing the macro Fibonacci, a very strong demand zone between the 0.5 and 0.618.
Feel free to comment.
Note
18 Apr 2021 12:30:25: I should have mentioned, but if this plays out, the correction would print a lower low. So, from December: higher high, higher low (January), higher high, higher low (February), higher high, higher low (March), higher high, lower low (April). Added to the lower high in March, a warning sign, perhaps?Note
Note
18 Apr 2021 16:38:41: Comparison of 21 February and today:
AgitationZone | TA-focused cryptocurrency Discord channel discord.gg/atGcaRzz
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AgitationZone | TA-focused cryptocurrency Discord channel discord.gg/atGcaRzz
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.