BTC/USD - Correction over or more to come? Find out here! 😎
Bitcoin has painted a MASSIVE bullish candle on daily... over 10% pump in a day... that is over 5k pump! Impressive. We have not had such a candle since February!
Is the correction then over? Not so fast. There are two scenarios possible and you can also check my latest video on YouTube that covers the same topic (link in my profile page and signature).
Scenario 1: BTC correction is over and we pump higher to make a new All Time High (ATH). For that to happen we need to crush one important resistance at 58k. If we get rejected there and pushed back down, then scenario 2 is activated.
Scenario 2: BTC is rejected at 58k and we will do a new low in a nice ABC pattern. This can be anywhere between 45k and 41k. We have strong support at
41K and I would be surprised for us to drop that far since buyers, especially institutional investors, will not hesitate to buy BTC at a +30% discount.
Which way we go? If we are to look at the indicators and this massive bull candle, one would lean towards scenario 1. Today was a very strong push. Questions is if we can maintain it. Likely we will find out before the end of the week.
Also this pump was predicted by the RSI + MACD bullish divergence on 4h (higher low on RSI while price did a lower low). Therefore this pump or relief was expected, apart from that nasty wick yesterday that trapped many bulls or bears? :P
Anyway, the stage is set, now BTC has to play on it. What is your expectation?
Like and follow if you liked this idea! Also join my crypto community to stay in touch!
Is the correction then over? Not so fast. There are two scenarios possible and you can also check my latest video on YouTube that covers the same topic (link in my profile page and signature).
Scenario 1: BTC correction is over and we pump higher to make a new All Time High (ATH). For that to happen we need to crush one important resistance at 58k. If we get rejected there and pushed back down, then scenario 2 is activated.
Scenario 2: BTC is rejected at 58k and we will do a new low in a nice ABC pattern. This can be anywhere between 45k and 41k. We have strong support at
41K and I would be surprised for us to drop that far since buyers, especially institutional investors, will not hesitate to buy BTC at a +30% discount. Which way we go? If we are to look at the indicators and this massive bull candle, one would lean towards scenario 1. Today was a very strong push. Questions is if we can maintain it. Likely we will find out before the end of the week.
Also this pump was predicted by the RSI + MACD bullish divergence on 4h (higher low on RSI while price did a lower low). Therefore this pump or relief was expected, apart from that nasty wick yesterday that trapped many bulls or bears? :P
Anyway, the stage is set, now BTC has to play on it. What is your expectation?
Like and follow if you liked this idea! Also join my crypto community to stay in touch!
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