Update:
BTC/USDT looks like it finished 5 waves up inside a rising wedge formation after retesting the 61.8% Fibonacci Retracement level ($50,000) which is a psychological level and could be considered a strong take profit area.
Since the price broke the lower trendline with a 4H candle, we may see a correction towards the previous wave 4 at $44,500 which will be our first target for the correction.
If we manage to break below $44,500, we will see a deeper corrective cycle towards $42,000 and in the long run $37,000 as a long-term target.
Furthermore, if the price continues going down below $37,000, we may see a retest to the $29,000 area which is the beginning of the rising wedge, as it is known from a price action perspective that our target for a rising wedge is always the beginning of the wedge.
Also, note that last week, the crypto total market cap broke $2.00T and was trading above it; however, now it went back to $1.95T below $2.00T which I consider as a great indicator for further downside for the crypto market.
BTC/USDT looks like it finished 5 waves up inside a rising wedge formation after retesting the 61.8% Fibonacci Retracement level ($50,000) which is a psychological level and could be considered a strong take profit area.
Since the price broke the lower trendline with a 4H candle, we may see a correction towards the previous wave 4 at $44,500 which will be our first target for the correction.
If we manage to break below $44,500, we will see a deeper corrective cycle towards $42,000 and in the long run $37,000 as a long-term target.
Furthermore, if the price continues going down below $37,000, we may see a retest to the $29,000 area which is the beginning of the rising wedge, as it is known from a price action perspective that our target for a rising wedge is always the beginning of the wedge.
Also, note that last week, the crypto total market cap broke $2.00T and was trading above it; however, now it went back to $1.95T below $2.00T which I consider as a great indicator for further downside for the crypto market.
