Correction of BTC or return to bullish tracks ? Not so fast!
After falling off the rising wedge, we experience a correction, which is a healthy situation in the bullish trend.
However,
How deep could we fall?
TP: 60670 (Local support - Now)
TP: 59200 (Local support)
TP: 57000-5800 (Local support)
TP: 55000 (Local support)
TP: 53200 - 50800 (Strong support)
TP: 48500 (Most important support)
To achieve growth, we would have to overcome the last 3 resistance levels, before we will get to ATH. Nevertheless, we are currently in the most important place, because we have moved out of the descending channel and we are testing several resistance lines MA7 on the daily time frame and MA55 on the 4-hour time frame.
Rest of indicastor are showing:
MACD - Exit from the negative phase
RSI - Testing resistance which corresponds to local resistance I
Market situation :
I think that the current increases are strongly dictated by the FOMC meeting and perhaps some intreaste rate cuts in the near future. Further increases in stock like SP500, NASDAQ is showing intest due to weak dolar.
However, SP500 is creating a formation similar to Bitcoin before it fell out of it (rising wedge), recording lower and lower RSI, which may herald sudden declines.
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