During corrections, prices often retrace around 50% before resuming in the original direction. Usually retracement parameters will extend between 33% as a minimum and 66% as a maximum. In evaluation of this statement, we can see that bitcoin is currently going through a healthy correction. We can see that the market is soaking up all the bad news from the media and reacting to it efficiently, creating new buy opportunities for large players to enter the market. As we can see, the price has shown to react to the 2/1 point of the Gann fan resistance line and 0.30 RSI line. This may indicate a potential reversal if the price movement is able to break the displayed pennant with large volume.
If this does not occur, we will most likely follow the downwards trend line and retrace to the next Gann resistance line indicated on the graph. I am also expecting a bounce in price here from this point if further retracement were to occur, however more information is needed to evaluate where the price is to continue in the future. This chart will be updated.
If this does not occur, we will most likely follow the downwards trend line and retrace to the next Gann resistance line indicated on the graph. I am also expecting a bounce in price here from this point if further retracement were to occur, however more information is needed to evaluate where the price is to continue in the future. This chart will be updated.
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$7800 level has been broken, looks like we are heading lower to the next Gann support line at 6.3k