Short

BTC correction (daily)

1. Breakouts have two component: breakout candle(s) and confirmation candle(s); confirmation = the opposite of trend ---› correction

2. The acceleration shows a crazy psychology behind the scenes, thats why the correction follows the acceleration

3. RSI bearish divergence

The 50-61.8% zone of the break out wave is important, but I think the correction of ATH will convert the euphoria of ATH to panic, therefore I think the correction will bigger than the 50-61.8 zone. The weekly chart shows a normal breakout candle, the next week can be the confirmation.

*LTC=level tester candle

cortexcerebi

Also on:

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.