BTC - Elliot Wave B hit on weekly time frame 30%-75% correction
Hello everyone, while everyone is getting greedy. You actually should be careful. An increase in BTC ETF’s outflows are noticed so the well known investors are possibly very aware that BTC might will have a huge correction soon. Although in the media some people are trying to create FOMO to influence prices to hit new alltime highs.
Just looking at the technical aspect. BTC seems to have reached it’s top for the moment on short and long term time frames. BTC is very overbought and in order to be able to continue it’s upward movement a price correction is healthy.
BTC could face possibly a correction between the 30% up to even 75% according to multiple technical indicators.
First important supportlevel is the red line from the Bollinger Band.
Second important support level is the lower Bollinger band.
Third and fourth important support levels are the green zones.
Just looking at the technical aspect. BTC seems to have reached it’s top for the moment on short and long term time frames. BTC is very overbought and in order to be able to continue it’s upward movement a price correction is healthy.
BTC could face possibly a correction between the 30% up to even 75% according to multiple technical indicators.
First important supportlevel is the red line from the Bollinger Band.
Second important support level is the lower Bollinger band.
Third and fourth important support levels are the green zones.