On today's post, we will be focusing on what is going on inside the substantial Daily correction bitcoin is on it. (Yellow lines)
Main items we can see on the Daily Chart:
a)The price made a bearish movement finding a clear rejection on the 4000 level
b)Currently, the price is above the Ascending Trendline and the Massive Support zone (two key levels)
c)Now we can see that the price is against the descending trendline of the previous Falling Wedge Pattern + a Descending Trendline
d)That convergence of zones makes us think that a correction will come either above the two trendlines or on its edges.
e) we forecast that the price will reach the level of 9500-10500 After the correction is finished
f)On that area, we will be waiting for strong selling signals, before looking for new long setups (9500-10500)
Main items we can see on the Daily Chart:
a)The price made a bearish movement finding a clear rejection on the 4000 level
b)Currently, the price is above the Ascending Trendline and the Massive Support zone (two key levels)
c)Now we can see that the price is against the descending trendline of the previous Falling Wedge Pattern + a Descending Trendline
d)That convergence of zones makes us think that a correction will come either above the two trendlines or on its edges.
e) we forecast that the price will reach the level of 9500-10500 After the correction is finished
f)On that area, we will be waiting for strong selling signals, before looking for new long setups (9500-10500)
