Hello!
My forecast for BTC has practically worked out completely. Let me remind you that I was expecting a deep correction, possibly even up to $ 6,000. In my last ideas, I have very extensively shared my reasons for the fall. The main motivation for the downward movement was overbought in the stock market. Lack of volume and real interest from new users towards Bitcoin and terrible global economic performance. The divergence between the real economy and indices has been very alarming to me and is still alarming to this day. The crypto market traditionally starts its movement first.
Now we have uncertainty in the continuation of the upward movement. In my opinion, this is not a correction, but perhaps the beginning of a new downward cycle.
Pay attention to the downward volumes, they exceed the upward volumes, which indicates a strong pressure, perhaps even
more significant than an upward movement.
Strong horizontal volume is observed at levels near $ 12,000, which may indicate a distribution at the highest point of the price chart. If we consider the end of the trend in technical analysis, then we have 2 options. The first is a strong take-out upward with a peak value in volumes followed by a sharp drop, forming a price action. Or a slower distribution with a more pronounced volume profile. By the way, for BTC, we are just implementing option 2.
First of all, you need to switch from an uptrend to a downtrend, for more correct trading decisions. If we analyze the BTC chart in history, then we had such corrections in the upward market, but the recovery took place in the first 3-4 days after the fall. To continue the upward movement, BTC should soon return to the levels 11200-11500.
As for the nearest support, this is the POC level, where the price will drag like a magnet. This level is more comfortable for the market.
The stock market also began to correct, one daily candle on September 3 completely absorbed the 7-day growth in the S & P500 index, which may cause an aggravation of the situation. Many people ask, what does Bitcoin have to do with it? But the fact is that BTC is no longer an entertainment for a small community of crypto enthusiasts. Cryptocurrencies traded funds and institutions, which gives a strong correlation with stock indices. If the indices start to fall, then the crypto will start falling too, you already saw this in March.
I see very large liquidity zones, the price will go there.
My forecast for BTC has practically worked out completely. Let me remind you that I was expecting a deep correction, possibly even up to $ 6,000. In my last ideas, I have very extensively shared my reasons for the fall. The main motivation for the downward movement was overbought in the stock market. Lack of volume and real interest from new users towards Bitcoin and terrible global economic performance. The divergence between the real economy and indices has been very alarming to me and is still alarming to this day. The crypto market traditionally starts its movement first.
Now we have uncertainty in the continuation of the upward movement. In my opinion, this is not a correction, but perhaps the beginning of a new downward cycle.
more significant than an upward movement.
