At the time of writing, we still have 4 hours to go until the daily candle closes. So far, Bitcoin has printed a candle that shows an indecisive market.
After the latest rally, this candle and the underlying market could signal a smaller correction or consolidation. This scenario is further supported by the majority of Bitcoin's momentum indicators on the daily chart. RSI, Stochastic Oscillator, WillR, and Stochastic RSI all show oversold areas.
Therefore, Bitcoin is likely to enter a (short) period of correction or consolidation. I think the latter is more likely based on the current market sentiment. In case of a more minor correction, 63.5k should be the level of support.
The overall picture remains bullish. Especially with the ETH ETF launch, I expect a test of the upper bull flag boundary.
After the latest rally, this candle and the underlying market could signal a smaller correction or consolidation. This scenario is further supported by the majority of Bitcoin's momentum indicators on the daily chart. RSI, Stochastic Oscillator, WillR, and Stochastic RSI all show oversold areas.
Therefore, Bitcoin is likely to enter a (short) period of correction or consolidation. I think the latter is more likely based on the current market sentiment. In case of a more minor correction, 63.5k should be the level of support.
The overall picture remains bullish. Especially with the ETH ETF launch, I expect a test of the upper bull flag boundary.
I'm Ben. Crypto lover, trader, and coder.
Join my free newsletter for insights and the hottest trade setups every weekday!
newsletter.bencrypto23.com
🔥 For exclusive content: newsletter.bencrypto23.com/exclusive
Join my free newsletter for insights and the hottest trade setups every weekday!
newsletter.bencrypto23.com
🔥 For exclusive content: newsletter.bencrypto23.com/exclusive
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
I'm Ben. Crypto lover, trader, and coder.
Join my free newsletter for insights and the hottest trade setups every weekday!
newsletter.bencrypto23.com
🔥 For exclusive content: newsletter.bencrypto23.com/exclusive
Join my free newsletter for insights and the hottest trade setups every weekday!
newsletter.bencrypto23.com
🔥 For exclusive content: newsletter.bencrypto23.com/exclusive
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.