How To Know When The Correction Is Over? Bitcoin TooI will show you a little trick because many people are saying things without the needed backing, nor experience.
"The correction is over" is too much of a broad term. We need first, to define correction and, second, we need to understand that not all pairs will end their correction at the same time.
Look at Notcoin, we could say the "bullish wave is over" in March 2024 but this isn't true for Notcoin, it wasn't even around on that date and surely, the bullish wave started in May and ended in June.
When Bitcoin reached a high of 74,000, the majority of the people that are saying "the correction is over," are the same people that were saying, "the start of the bull-market" and "100,000 next." All these same people could not see, not even predict but see, that Bitcoin was moving lower and it crashed on the 5th of August. The crash costed bullish traders billions of dollars, the exchanges took this money because they got it wrong.
Many people are saying that the correction is over, but this people were not able to predict the correction nor anything else for that matter, so why is it over? What makes you say that it is over? Where is the proof? With what authority do you say so? With what moral power? Based on what? Using which understanding? Where are the signals?
Whenever I make a prediction I use many different data points to support whatever I say. It is written on the TradingView rules, it says; use the data on your chart to support your bias.
You need data to support your point of view.
For example, I say it is going down and I give many signals, subtle and not so subtle that support by bias. It should be the same in reverse.
➖ How do you know when the correction is over?
When the correction is over, the Altcoins that move with Bitcoin, like Notcoin right now, will produce massive growth.
As soon as Bitcoin hits bottom, pairs like NOTUSDT, SOLUSDT, BNBUSDT, will grow so much, so fat, so strong, that it will be quite the revealing signal. That's the key.
The Altcoins that I am showing you bullish, hundreds of those, most of them ended their correction already, but they went very low, some hit new All-Time Lows and some are trading at multi-year strong support. For these, we can say, "the correction is over."
Those that are trading super-high, we have to wait... Based on the data coming from the chart and market conditions, the correction is not over, it is going down, it keeps on going down and it is going to crash again.
If you couldn't predict the drop that happened leading to 5-August, with the lower highs, the increasing bearish volume, the bearish MACD, RSI; RENKO trend breakdown, bearish moving averages cross-over and the rest, it is not your place to tells us what will happen next.
The correction will be over when prices start to go up, so far we continue seeing red and lower lows.
When it is over we will get clear signals from the chart.
You can visit my profile to find all the bullish pairs. The small Altcoins are good, the giants, not so much.
Bitcoin is in-between but it is still trading pretty high when you consider the price to be 58,000+.
58,000 is the same price at which Bitcoin traded back in February and April 2024, the baseline sits around 38,000 and 42,000; that's the minimum for this drop.
Let me go further:
It took Bitcoin 7 months of consolidation above 25,000 to be able to grow beyond 70K. That is seven months going sideways in a range between 25,000 and 32K.
That's it, that is the main, most important, most valid and most likely to be tested price range of all. This is the base created from whence Bitcoin started to grow to new highs and beyond.
When the growth is over, it goes back to test this support; will it hold? will it break?
We don't know, that is why the market moves up and down and tests those level, to see what comes next.
This price range mentioned above, matches exactly the 0.618 - 0.786 Fib. retracement range for the entire bullish wave that started back in 2022, just so you know.
We are being conservative when we say 40K.
Because Bitcoin can hit 40K in September and leave the lower range for November... Anyway, the correction is not over because Bitcoin is still down, Notcoin as well.
Namaste.
