BTC. Need correction.
After a 2-week consolidation in the range of 6300-6500 buyers checked the price range of 7300-7500. Consolidation was in larger volumes than the previous one, which lasted from June 12 to July 16. Yesterday, when buyers tried to break through 7300-7500 - the market went a lot of volume sellers. The margin shorts chart confirms this.
Therefore, I think without correction there will be no extension of growth.
The previous growth was fast not because of the high interest of buyers in the BTC. The fact is that local high on margin shorts were in the price zone of 5800-6700.
Having broken through this price zone, buyers were panicked for the closure of sellers' positions.
This time the situation is the same.
I see two variants of correction.
The first, positive, is that buyers will keep the price zone 6700-6800 and from it will be an attempt to grow. Then you need to look carefully at what volumes buyers are trying to break through to 7300-7500.
The second scenario is the continuation of consolidation in the big triangle and an attempt to break through 5500-5800. with a target of $ 4,300-4,000. In this case, buyers should not hold 6700.
So I'll wait for the price to come to the price zone of 6700-6800, after which I will continue my forecast.
Therefore, I think without correction there will be no extension of growth.
The previous growth was fast not because of the high interest of buyers in the BTC. The fact is that local high on margin shorts were in the price zone of 5800-6700.
Having broken through this price zone, buyers were panicked for the closure of sellers' positions.
This time the situation is the same.
I see two variants of correction.
The first, positive, is that buyers will keep the price zone 6700-6800 and from it will be an attempt to grow. Then you need to look carefully at what volumes buyers are trying to break through to 7300-7500.
The second scenario is the continuation of consolidation in the big triangle and an attempt to break through 5500-5800. with a target of $ 4,300-4,000. In this case, buyers should not hold 6700.
So I'll wait for the price to come to the price zone of 6700-6800, after which I will continue my forecast.
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