#Bitcoin : The King For A Correction To Build Its Empire.
Updated
A possible scenario on Bitcoin's current correction bearish trend.
NOTES TO TAKE :
- Bitcoin is currently in a bearish sentimental trend with a formation of a bearish engulfing candle stick on the 1D chart. There is still a possibility that it is a bull trap unless we have a confirmation after the close of the current candle stick. The current support line is considered to be at around $51,700 and $52,000 and seems to be the #Bulls are losing it for a further correctional move towards the next support area of $47,000.
- Indications are also in favor of the #Bears for now which we might see a fall in the short run.
NEXT STOP : If #Bears can finish this run on their favor we are going to stop at around $46,500 - $47,000. Thethering seems to be the smart move now.
@TogetherWeAccumulate
NOTES TO TAKE :
- Bitcoin is currently in a bearish sentimental trend with a formation of a bearish engulfing candle stick on the 1D chart. There is still a possibility that it is a bull trap unless we have a confirmation after the close of the current candle stick. The current support line is considered to be at around $51,700 and $52,000 and seems to be the #Bulls are losing it for a further correctional move towards the next support area of $47,000.
- Indications are also in favor of the #Bears for now which we might see a fall in the short run.
NEXT STOP : If #Bears can finish this run on their favor we are going to stop at around $46,500 - $47,000. Thethering seems to be the smart move now.
@TogetherWeAccumulate
Trade active
Bitcoin is still holding the $51,500 support area in the shorter time frames too. This is going to be a very crucial area for the #Bulls to keep their pace towards $63,000 resistance. As we said it, whether it is going higher or lower the main thing is keeping ourselves from loss which we can't handle. Hopefully this is going to be a good thing for the Bulls too for a development of a new stronger impulsive bullish run or to grab more Bitcoins on the major correctional levels downwards if they can't handle the current position. Stay Tuned for a Live Update.
@TogetherWeAccumulate
Note
#Bitcoin_Update by TogetherWeAccumulate
Yet another thing to consider here is the 4H chart time frame by which we already have a rising wedge which might be taken as a bearish pattern for the current market trend. By this Bitcoin is trading below the formed rising wedge and needs to finish the current candle at least at around the $54,400 area for continuation of the bullish trend. The basic issue here that you got to notice is that, as I said it repeatedly, there will be and must be a correction sooner or later. For a good impulsive strong wave its better if we see a deeper correction too. For now still Bitcoin is bearish in the short run with a high possibility of a minor correction [if bulls keep the pace] if not a major correction. [If charts, theory and nature by itself concludes the candle in favor of the #Bears.]
Stay Tuned For Live Updates.
@Togetherweaccumulate
Note
Bitcoin_Update
Bitcoin seems to be trapped in a dead zone for now closing below the critical position at around $49,500 and now aiming for the support area at around $46,700 area if any institutional input is coming in like MircroStrategy's move on today's huge accumulation. We need some more chart developments to forecast the outcome by which we might see further.
@togetherweaccumulate
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