Hello folks,
this scenario is pretty simple. When you look on weekly timeframe, you can see that BTC never re-tested that 6000$ level before a few weeks ago. It went back above that 7500-8000$ area that is the previously broke supply & demand area. We can also take a look at the trend and realize that the market stopped right above the previous low meaning that the uptrend is still valid.
Buy at the current area would be a great Idea because it should reverse anywhere from this level the the previous low... So from 6000$ to 8600$ area. I see alot of analysis saying 5000$ would be a great buy level but honestly I am not expecting to see this low for the simple reason that it would break the uptrend and it do get that low I wouldn't be surprise to see the market dip even lower than that.
That huge correction is due to the huge extension that the market did in December. BTC in my opinion will keep doing higher high and the next one will probably be really high beucause of the current massive correction.
Thank you for your time,
PC
this scenario is pretty simple. When you look on weekly timeframe, you can see that BTC never re-tested that 6000$ level before a few weeks ago. It went back above that 7500-8000$ area that is the previously broke supply & demand area. We can also take a look at the trend and realize that the market stopped right above the previous low meaning that the uptrend is still valid.
Buy at the current area would be a great Idea because it should reverse anywhere from this level the the previous low... So from 6000$ to 8600$ area. I see alot of analysis saying 5000$ would be a great buy level but honestly I am not expecting to see this low for the simple reason that it would break the uptrend and it do get that low I wouldn't be surprise to see the market dip even lower than that.
That huge correction is due to the huge extension that the market did in December. BTC in my opinion will keep doing higher high and the next one will probably be really high beucause of the current massive correction.
Thank you for your time,
PC
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Bull run on the way!