BITCOIN CORRECTION - WHAT ARE THE LEVELS?
Bitcoin has not yet shown any strength of reversing. The only positive news is that price quickly bounced off 25.8k level and currently situated at 26.7k. What are the levels to look at if the price falls below the current level.
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WHAT ARE THE LEVELS???
Bitcoin is displaying a typical bear flag with price lingering around 25.8k - 27.5k level. This could potentially be a SHORT opportunity when price breaks below 25.8k.
Furthermore, the current situation is still in favour for the bears, short-term wise. A strong suggestion to this theory comes from 3 major rejection candles on 18th, 21st and 24th of May. As soon as price hit 27-27.5k, it instantly got overruled by the sell-side.
The levels we can expect to see if price breaks down of 25.8k are:
However, until the market gives us a break-down signal, only can we open a SHORT position. We have seen price action on the 24th and 25th of May, indicating that the bull-side still hasn't given up holding on to this level, YET.
BITCOIN MOMENTUM
Alike any asset, Bitcoin is also cyclical. There are bull days and bear days. What sets Bitcoin apart from other assets is its volatility. The coin can gain some wildly +200% or decline more than 50% within a few months. However, it still has market structure and orders. A shift in momentum can be seen after a prolonged bear market and having bottom being taken place.
From the above image, we can see that when the bottom is in, Bitcoin tends to shift its momentum upwards, creating a series of higher highs (HH) and higher lows (HL). This up-shift usually takes place in 1-4 months, followed by a prolonged correction that goes on for at least 3 months. The overall trend, from Jan 2023 til thus far, is still in favour of "new bullish trend" theorem. As long as we don't go below 20k, Bitcoin still exhibits a healthy start to our newly potential bullish cycle 2024 - 2025. But that's a story for another day!
Through its 15 years of history, Bitcoin has gone through ups and downs. Black swan events usually take place where exchanges is hacked or go bankrupt, investors get rug-pulled or trapped in ponzi schemes and even government intervention. Those are sadly wildfire in the forst that is due to happen eventually. However, Bitcoin network, as a community, still comes out on top and bounces back stronger.
__________________________________________________________________________________
WHAT ARE THE LEVELS???
Bitcoin is displaying a typical bear flag with price lingering around 25.8k - 27.5k level. This could potentially be a SHORT opportunity when price breaks below 25.8k.
Furthermore, the current situation is still in favour for the bears, short-term wise. A strong suggestion to this theory comes from 3 major rejection candles on 18th, 21st and 24th of May. As soon as price hit 27-27.5k, it instantly got overruled by the sell-side.
The levels we can expect to see if price breaks down of 25.8k are:
- Target 1: 25.3k - this will be a desirable target for a SHORT position once price falls below 25.8k.
- Target 2: 24.3k
- Target 3: 22.8k
However, until the market gives us a break-down signal, only can we open a SHORT position. We have seen price action on the 24th and 25th of May, indicating that the bull-side still hasn't given up holding on to this level, YET.
BITCOIN MOMENTUM
Alike any asset, Bitcoin is also cyclical. There are bull days and bear days. What sets Bitcoin apart from other assets is its volatility. The coin can gain some wildly +200% or decline more than 50% within a few months. However, it still has market structure and orders. A shift in momentum can be seen after a prolonged bear market and having bottom being taken place.
From the above image, we can see that when the bottom is in, Bitcoin tends to shift its momentum upwards, creating a series of higher highs (HH) and higher lows (HL). This up-shift usually takes place in 1-4 months, followed by a prolonged correction that goes on for at least 3 months. The overall trend, from Jan 2023 til thus far, is still in favour of "new bullish trend" theorem. As long as we don't go below 20k, Bitcoin still exhibits a healthy start to our newly potential bullish cycle 2024 - 2025. But that's a story for another day!
Through its 15 years of history, Bitcoin has gone through ups and downs. Black swan events usually take place where exchanges is hacked or go bankrupt, investors get rug-pulled or trapped in ponzi schemes and even government intervention. Those are sadly wildfire in the forst that is due to happen eventually. However, Bitcoin network, as a community, still comes out on top and bounces back stronger.
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