SasanSeifi| Can We Expect Short-Term Corrections?
Updated
Hey there, ✌ In the short-term timeframe, we've observed that Bitcoin has surged from the $60,000 range to a high of $69,000. However, following this peak, the price has shown a negative reaction, undergoing a minor correction down to the $67,000 levels after a brief period of fluctuations.
Currently, the price has remained in a range after encountering the Exponential Moving Average (EMA) at the $67,000 mark. The significant resistance level ahead in the 4-hour timeframe lies between $67,750 and $68,500.
Analysing the chart in the lower timeframes, it appears that the price may be inclined to experience further corrections. If a candle closes below the $66,950 to $66,850 levels, we might witness a price correction down to the demand levels at $65,500, and potentially further to $64,250 to $63,000. Understanding how the price reacts to these levels will be crucial for assessing the ongoing trend. Additionally, if the price faces increased demand and breaks above the established resistance levels, the corrective scenario could be reconsidered. The potential trend is clearly outlined in the chart above.
💢 This is just my personal analysis, not financial advice. If you found this helpful, feel free to like and comment – I'd love to hear your thoughts! Happy trading! ✌😊
Currently, the price has remained in a range after encountering the Exponential Moving Average (EMA) at the $67,000 mark. The significant resistance level ahead in the 4-hour timeframe lies between $67,750 and $68,500.
Analysing the chart in the lower timeframes, it appears that the price may be inclined to experience further corrections. If a candle closes below the $66,950 to $66,850 levels, we might witness a price correction down to the demand levels at $65,500, and potentially further to $64,250 to $63,000. Understanding how the price reacts to these levels will be crucial for assessing the ongoing trend. Additionally, if the price faces increased demand and breaks above the established resistance levels, the corrective scenario could be reconsidered. The potential trend is clearly outlined in the chart above.
💢 This is just my personal analysis, not financial advice. If you found this helpful, feel free to like and comment – I'd love to hear your thoughts! Happy trading! ✌😊
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Well, Bitcoin corrected to the expected short-term target of $65,500, aligning with the previous analysis, which remains valid. Afterward, it experienced positive fluctuations. If we see a sell confirmation from the resistance levels, the possibility of a pullback towards the second corrective target can be considered. On the other hand, if the resistances are broken, the potential for further growth will increase.
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The price, after fluctuating around the $67,000 range, reached the first correction target of $65,500 and then experienced a slight increase before being rejected from the supply zone at $68,500. Now, it has reacted positively to the $65,500 support level again and is trading around $67,100.
If a sell signal is confirmed in this range, there is a potential for further correction down to $64,250 and $63,000. Additionally, if the price rises again towards the supply zone, it will be important to observe its reaction. (If it breaks and stabilizes, a potential increase to the $70,000 - $72,000 range could be expected.)
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