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BTCUSDT chart we've been in a time consuming correction pattern from the top of 73k to the low of 57k and this really reminds me of another time that bitcoin did such a thing that was between 25 and 31 which took around 180 days to breakout of the pattern .
most of the charts are actually repeating the previous patterns and we are now in an accumulation phase which puts a 180 day time correction to end around September which is coincidentally the earliest prediction of fed rate cut so we might be in a longer time frame correction for a while until something changes in the macroeconomic landscape.
im not saying that this will be the exact thing that will happen but it's very similar to what happened that time .
The bear case is active if the price manages to break the 60k support zone which we then can expect a correction to around 54 to 50k range
and the bull case resumes if we manage to hold the 64 to 60k support zone and subsequently clear the 72k resistance zone and consolidate above it .
always remember that in trading the important thing to do is to devise scenarios and act accordingly to the clues that the market is giving the goal is to be profitable in the long term not make the most profits .
BTCUSDT chart we've been in a time consuming correction pattern from the top of 73k to the low of 57k and this really reminds me of another time that bitcoin did such a thing that was between 25 and 31 which took around 180 days to breakout of the pattern .most of the charts are actually repeating the previous patterns and we are now in an accumulation phase which puts a 180 day time correction to end around September which is coincidentally the earliest prediction of fed rate cut so we might be in a longer time frame correction for a while until something changes in the macroeconomic landscape.
im not saying that this will be the exact thing that will happen but it's very similar to what happened that time .
The bear case is active if the price manages to break the 60k support zone which we then can expect a correction to around 54 to 50k range
and the bull case resumes if we manage to hold the 64 to 60k support zone and subsequently clear the 72k resistance zone and consolidate above it .
always remember that in trading the important thing to do is to devise scenarios and act accordingly to the clues that the market is giving the goal is to be profitable in the long term not make the most profits .
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