1) Correction is now at 27%, which is about what we can expect for a severe correction based on the last bull run, where corrections of 20% and 30% were most common, with one 40% correction.
2) Based on volume analysis I believe the scene is ripe for a rebound. There have been 3 high-volume events, which in my experience is about typical. Volume has also been rising each time.
3) BTC is at the start of the previous major move higher price history-structure-wise, this often results in a significant reaction, which will, if it occurs, break the downtrend.
4) 4HR RSI hit oversold territory. If you look back on the chart, this has been a very good indication a correction is nearly over.
Given the magnitude of the decline we probably won't rally explosively in the next few hours, but I'd expect price to be near challenging the ATH structure in the next few days
Buy at the bottom! Buy now!
2) Based on volume analysis I believe the scene is ripe for a rebound. There have been 3 high-volume events, which in my experience is about typical. Volume has also been rising each time.
3) BTC is at the start of the previous major move higher price history-structure-wise, this often results in a significant reaction, which will, if it occurs, break the downtrend.
4) 4HR RSI hit oversold territory. If you look back on the chart, this has been a very good indication a correction is nearly over.
Given the magnitude of the decline we probably won't rally explosively in the next few hours, but I'd expect price to be near challenging the ATH structure in the next few days
Buy at the bottom! Buy now!
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Up up and away!
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Higher chance of continued bearish move if completion of H&S pattern people are speaking about, however, a move higher isn't out yet entirely either. We will see! Prepare accordingly
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Ok...here we go! I really doubt we will have further declines. It's reversing for a second time near the lows...gotta double dip to check you know! all at that 0.618 too
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Victory for the longs!
