BTC Pullback to the Ascending Channel Hello traders
In previous days, significant events reversed the bitcoin trend, including SEC and Binance and federal Reserve Powell Speech.
We predicted that the price needed a correction in the previous post.
As you can see in the chart, the price corrected itself to the 0.618 Fibonacci level and now might consolidate over the weekend.
On the On-chain side, wallets with more than 100 bitcoins(the picture in the chart from Glassnode) are increasing today, meaning that we can see a correction in this downward trend as well. Since CZ and quant are also clarifying the liquidity of Binance, the sentiment might suggest a cool-down on the price momentum.
The price can pull back to the broken channel with technical, On-chain, and sentiment analysis.
Note that this is an Intraday analysis and is only valid for a couple of days or even hours.
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What is your opinion? Comment below.
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Good luck.
