I am waiting for further correction.
Hello,
Although I had decided not to share my analyses anymore after the rudeness I faced during previous Bitcoin bull runs and despite the warnings about severe Bitcoin correction, I was called a fool.
In today's analysis, we observe an upward cycle accompanied by two ascending legs, followed by the breaking of an ascending channel resembling a descending wedge.
During such times, we have a range trading scenario that forms with the first return after breaking the lower line.
In my opinion, we have a correction towards the area of 62,600, marked by a drawn box, and if that level is breached, 59,107 could provide good support. We also have a broken resistance without a return in the area of $52,500, which is the last support for the upward trend. I believe the likelihood of reaching that is weak due to the proximity to the halving and the disruption of supply and demand.
If the weak resistance at $73,866 is broken, my first target range is $80,000.
Although I had decided not to share my analyses anymore after the rudeness I faced during previous Bitcoin bull runs and despite the warnings about severe Bitcoin correction, I was called a fool.
In today's analysis, we observe an upward cycle accompanied by two ascending legs, followed by the breaking of an ascending channel resembling a descending wedge.
During such times, we have a range trading scenario that forms with the first return after breaking the lower line.
In my opinion, we have a correction towards the area of 62,600, marked by a drawn box, and if that level is breached, 59,107 could provide good support. We also have a broken resistance without a return in the area of $52,500, which is the last support for the upward trend. I believe the likelihood of reaching that is weak due to the proximity to the halving and the disruption of supply and demand.
If the weak resistance at $73,866 is broken, my first target range is $80,000.
