Warning! Bitcoin could correct further; even to 36k

13 בינו׳

The eagerly anticipated ETF has finally arrived, and as anticipated by many, its approval was followed by a correction. After reaching a peak of $49,000, BTCUSD experienced a decline to a low of $41,500 yesterday, marking a 20% correction overall.

The question now arises: is the correction complete?
In my view, Bitcoin could potentially undergo further correction.
From a strictly technical standpoint, BtcUsd continues to exhibit a robust upward trend. However, despite the 41,500 support holding steady over the past month and a half, any surges above $44,000 were consistently met with selling pressure.

The recent ascent beyond $45,000, which was, in fact, a false breakout, contributes to the likelihood of a more extended correction scenario.
In summary, unless the price stabilizes above $45,000, the possibility of additional losses remains high. Sustained selling below the $41,500 zone could potentially lead to a drop to the $36,000 zone.