20% correction incoming
Due to the recent events, BTC has reached a highly extended overbought region which is too much for it to break the hardest resistances formed around the region of the ATH . In addition, fear and greed indexes have risen up to almost extreme greed, which historically has resulted in a correction. The BTC correction will probabil consist of a retrace to the neckline of the daily cup and handle pattern, specifically a retest of the 48-51k region. The retrace will retest the 21 Week EMA and the trendline formed.
Treat this idea as a swing trade which many retail investors will follow.
Treat this idea as a swing trade which many retail investors will follow.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.