BTC/USD - Correction Due
Updated
Whats up traders, I hope you are all having a good weekend.
Here we have BTC/USD on the 4H chart.
Recently, price has been in a strong up move. Price has recently lost some of the momentum that created the bull run. On the 4H chart, it is clear that price is correcting after some upside.
Despite price having a big bull run, it is time for it to correct. I believe that price will now continue to stall to the sideways support level of 13540. When I looked further back at price action on the chart, I noticed that this pair has a tendency of correction before a strong rally again.
This trade could play out in 2 ways, I have outlined them below
-Price continues to rally to the upside to the upside target of 18990. Bare in mind if this plays out that there will likely be some corrections on the way to the upside target.
-Price may retest the upside resistance level of 15570 before the break down begins to the side-wards support of 13770
I am excited to see how this trade plays out.
I will update this analysis as the trade progresses.
In the related ideas, I have posted my other Cryptocurrency ideas. Please leave a like and comment, it would be highly appreciated.
Here we have BTC/USD on the 4H chart.
Recently, price has been in a strong up move. Price has recently lost some of the momentum that created the bull run. On the 4H chart, it is clear that price is correcting after some upside.
Despite price having a big bull run, it is time for it to correct. I believe that price will now continue to stall to the sideways support level of 13540. When I looked further back at price action on the chart, I noticed that this pair has a tendency of correction before a strong rally again.
This trade could play out in 2 ways, I have outlined them below
-Price continues to rally to the upside to the upside target of 18990. Bare in mind if this plays out that there will likely be some corrections on the way to the upside target.
-Price may retest the upside resistance level of 15570 before the break down begins to the side-wards support of 13770
I am excited to see how this trade plays out.
I will update this analysis as the trade progresses.
In the related ideas, I have posted my other Cryptocurrency ideas. Please leave a like and comment, it would be highly appreciated.
Note
Price has formed a strong bullish candle right at the predicted correction level in my above chart. If candle closes a this level, I am expecting upside to begin, right where I predicted.
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