BTCUSDT | Bear Market Correction Or Bull Run Continuation?
Hello, guys!
The Bitcoin price now is inside the Supply Zone from the previous analysis, but today let's take a look globally at the price action.
First of all we can notice that this bear market started from the Head & Shoulders formation with the Neckline at $50000. There is a high probability that this Neckline will be tested. It does not mean the bull market continuation, it's just a correction of bear market. Also we can see that the 0.61 Fib level is exactly at this point. 0.618 Fib is the level where thee bear market correction can be stopped before the downtrend continuation.
In the short term I am still waiting for $36000 - $37000 level retest because here is the Demand Zone, 0.23 Fib and the Relative Strength Index now shows the Overbought condition which is a bearish signal in the ranging market. I consider long trades from this level and take profit at the 0.5 and 0.61 Fib.
DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions at the real market.
The Bitcoin price now is inside the Supply Zone from the previous analysis, but today let's take a look globally at the price action.
First of all we can notice that this bear market started from the Head & Shoulders formation with the Neckline at $50000. There is a high probability that this Neckline will be tested. It does not mean the bull market continuation, it's just a correction of bear market. Also we can see that the 0.61 Fib level is exactly at this point. 0.618 Fib is the level where thee bear market correction can be stopped before the downtrend continuation.
In the short term I am still waiting for $36000 - $37000 level retest because here is the Demand Zone, 0.23 Fib and the Relative Strength Index now shows the Overbought condition which is a bearish signal in the ranging market. I consider long trades from this level and take profit at the 0.5 and 0.61 Fib.
DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions at the real market.
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