BTC Correction 📉
After observing the recent price action, it now seems clear that the inevitable correction is taking the stage.
I revisited the chart and drew potential bullish trendlines for a bull pennant on the 12h timeframe, but even those appear to be breaking down, confirming that we're currently experiencing a clear shakeout/correction.
I'm now expecting at least a full fill of the CME gap, and potentially even a drop toward $112,000.
Keep in mind that the CME price often lags behind spot prices on other exchanges, so in order to properly fill the gap down to $114,000, a dip toward the $112,000 zone remains a very realistic scenario.
Take note that a lot of new retail investors are coming in recently by all the sounds of a ‘’possible altseason’’ around the corner, especially during the summer holidays when they have more time on their hands to look deeper into this.
all this in combination with a lot of long positions around and beneath the price range of 114k and 116k I expect a shake out and liquidity grab.
The only bullish short-term possibility that remains would be if this turns out to be a massive fakeout from the pennant structure, but I find that unlikely.
Personally, I’m watching for signs of a bottom sometime next week before looking for new upward momentum.
The BTC.D began a dive towards 60%, still: BTC remains dominant, which strongly impacts altcoins.
That’s why I’m currently staying cautious and holding off on entering new trades till we see clear support.
Let’s reach the summit together!
📝 Note
I'm currently building a portfolio of crypto analyses here on TradingView. Your feedback, tips, or validation are greatly appreciated, especially as I continue developing this skill further!
After observing the recent price action, it now seems clear that the inevitable correction is taking the stage.
I revisited the chart and drew potential bullish trendlines for a bull pennant on the 12h timeframe, but even those appear to be breaking down, confirming that we're currently experiencing a clear shakeout/correction.
I'm now expecting at least a full fill of the CME gap, and potentially even a drop toward $112,000.
Keep in mind that the CME price often lags behind spot prices on other exchanges, so in order to properly fill the gap down to $114,000, a dip toward the $112,000 zone remains a very realistic scenario.
Take note that a lot of new retail investors are coming in recently by all the sounds of a ‘’possible altseason’’ around the corner, especially during the summer holidays when they have more time on their hands to look deeper into this.
all this in combination with a lot of long positions around and beneath the price range of 114k and 116k I expect a shake out and liquidity grab.
The only bullish short-term possibility that remains would be if this turns out to be a massive fakeout from the pennant structure, but I find that unlikely.
Personally, I’m watching for signs of a bottom sometime next week before looking for new upward momentum.
The BTC.D began a dive towards 60%, still: BTC remains dominant, which strongly impacts altcoins.
That’s why I’m currently staying cautious and holding off on entering new trades till we see clear support.
Let’s reach the summit together!
📝 Note
I'm currently building a portfolio of crypto analyses here on TradingView. Your feedback, tips, or validation are greatly appreciated, especially as I continue developing this skill further!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.