BTC USDT correction not over
Updated
BTC USDT,
We are currently sitting on daily demand with every touch giving us a good reaction but not the best as would love to see, pivot low on demand was swept but no sign of bulls so today's close will confirm if we will make low/bottom here and ready for the retest of the created supply which lead to a break of the major low(yellow line) and also the TL or we plunged further downward to seeks liquidity.
Break of major low shows a possible trend reversal or deep correction, hence i think we are likely to revisit the 7xxx zone before the bull run continues.
I anticipate a test of the supply at 9655 before going further down, but then we can still go down without retesting it and later come back to it.
According to Fib, we are currently at the .5 level of this whole move but no sign of bulls taking over as yet. hence we can retrace further down towards to the .618 or .705 levels which was a great zone for accumulation for the entire move.
Today will be significant to determine our direction, else we may see more lows in coming days.
Not a financial advice, and strictly my opinion, i can be wrong so i will not advice that you take this seriously.
DYOR.
We are currently sitting on daily demand with every touch giving us a good reaction but not the best as would love to see, pivot low on demand was swept but no sign of bulls so today's close will confirm if we will make low/bottom here and ready for the retest of the created supply which lead to a break of the major low(yellow line) and also the TL or we plunged further downward to seeks liquidity.
Break of major low shows a possible trend reversal or deep correction, hence i think we are likely to revisit the 7xxx zone before the bull run continues.
I anticipate a test of the supply at 9655 before going further down, but then we can still go down without retesting it and later come back to it.
According to Fib, we are currently at the .5 level of this whole move but no sign of bulls taking over as yet. hence we can retrace further down towards to the .618 or .705 levels which was a great zone for accumulation for the entire move.
Today will be significant to determine our direction, else we may see more lows in coming days.
Not a financial advice, and strictly my opinion, i can be wrong so i will not advice that you take this seriously.
DYOR.
Note
As anticipated, Yesterday PA left a major pivot low on demand, i can now say bottom is in for now until we see how the reaction at supply goes. I would not hope for a straight break of this supply at 9655 for 3 reasons,1. This supply took out the opposing demand zone formed at 9331.59 to 9093.01.
2. this supply took out the momentum to the upside/trend line
3. This supply took out the major low at 9093.01.
I can also hope that price range between this demand plus newly formed major low, and supply.
Note
So price couldnt get to the expect 96xx region before the drop, retested the major low which was earlier broken as resistance, i also completely missed that there was a supply zone at that price line on the 12H.Nonetheless, it was the expected reaction and we are at a very important area of interest now, we may go deep inside before reversing, we stand to see.
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