In my previous analysis, I stated that it is likely to see a correction for Bitcoin because of two main reasons:
- We're experiencing heavy horizontal resistance near 25k
- The 200 weekly ma is at 25k, giving us confluence (double resistance in this case)
Now that the correction has arrived, everything is going as planned. As you can see on the hourly chart, Bitcoin was making lower highs as soon as the price got rejected at the resistance for the 3rd time. Finally, the lower resistance line of the resistance zone got rejected and kicked off Bitcoins fall to our support level at 23k.
Now that we're in our support zone, I expect at least a small bounce or some sideways action before we see our next move. Depending on how bullish Bitcoin is, this is either going to be the bottom, or we're going lower to 21k
- We're experiencing heavy horizontal resistance near 25k
- The 200 weekly ma is at 25k, giving us confluence (double resistance in this case)
Now that the correction has arrived, everything is going as planned. As you can see on the hourly chart, Bitcoin was making lower highs as soon as the price got rejected at the resistance for the 3rd time. Finally, the lower resistance line of the resistance zone got rejected and kicked off Bitcoins fall to our support level at 23k.
Now that we're in our support zone, I expect at least a small bounce or some sideways action before we see our next move. Depending on how bullish Bitcoin is, this is either going to be the bottom, or we're going lower to 21k