BITCOIND DEEP CORRECTION
Updated
BTCUSDBitcoin has been dragging everything else down to hell with the bearish wave that overtaken the market early November 2021.
If you look at this chart, divided into quarters for what took place in the year 2021 - in the third quarter BTC massive rally continued into half of the 4q and overall this retracement is focuses on taken out the RL outlined (Range Low) since this is the last low of significance that has not been traded to since June. This leads me to believe we will see the following on BTC crypto world.
There will be a pause pull back to 42...46k. That is not a reversal. Building on this information looking for bearish scenarios the pullback will allow price to return to a former key support and resistance zone. There is more to it but keep it as basic as possible- targeting this zone for rejection to confirm the bears have stepped back in.
Upon the pull back to continue the next leg lower, aiming for targets below the RL possibly rebalancing between 25...20k minimum. Yes folks that means the shitties and all other coins will likely suffer significant % drops.
Many are looking at this as a discount and buying all the dips, i will say be patient and scale only after significant pull backs to reasonable key price zones.
Outlook:
Price points of interests 42..46k to frame the shorts and 25...20k for potential downside.
Should price blow right through my upside objectives, i will refocus to hunt bullish PA for the trapped range which yields objectives around 57..58k.
Hunt your setups!
Trade closed: target reached
Well a month is good actually happened faster than i thought but for swingers and long term positioning these are some great swings one can do in anticipation of market corrections.Trade active
Aiming at 29K next targets
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