The calm before the storm? BTCUSDT 1D
Hello traders/investors,
In the crypto market, we are facing a rather bearish situation.
We can see many H/S patterns, but by far this seems the largest. Yes, this is not finished yet, and it may take weeks to complete (as can be seen, it took approximately 31 days to finish the first major correction after that massive impulse to the 30-42k area.
After that massive drop that happened last week, it is natural for the price to correct itself. After all, we cannot go down in a straight line. Since the price broke down the previous ascending channel and returned back under 42k, we may see another large correction before moving further down.
This idea is a word of caution that maybe the true discounts have not arrived. However, looking for sell positions, we simply need more time.
If the price happens to return back and consolidate above the 42k levels, we may look for long positions.
Let me know what you think of this idea.
In the crypto market, we are facing a rather bearish situation.
We can see many H/S patterns, but by far this seems the largest. Yes, this is not finished yet, and it may take weeks to complete (as can be seen, it took approximately 31 days to finish the first major correction after that massive impulse to the 30-42k area.
After that massive drop that happened last week, it is natural for the price to correct itself. After all, we cannot go down in a straight line. Since the price broke down the previous ascending channel and returned back under 42k, we may see another large correction before moving further down.
This idea is a word of caution that maybe the true discounts have not arrived. However, looking for sell positions, we simply need more time.
If the price happens to return back and consolidate above the 42k levels, we may look for long positions.
Let me know what you think of this idea.
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