BTCUSD up 31.2K then downIn this analysis, I've identified a significant moving average (MA) crossover, indicated by the red and blue lines crossing. Historically, such crossovers often lead to price increases. Additionally, I've included a violet line which I believe acts as a catalyst for a downward movement.
Once the violet line touches a candle, I anticipate the end of the upward move and the beginning of a substantial price decline. I hadn't previously considered this scenario as I was focused on other indicators and patterns.
Based on my analysis, I foresee the following scenario over the comind days:
Initially, the price will rise following the crossover of the red and blue lines.
The price will continue to climb until the violet line interacts with a candle.
Subsequently, a significant price drop is expected, targeting approximately 29500 initially, followed by around 28500.
After reaching around 28K, there will be some uncertainty, necessitating a new analysis as the price may potentially drop back to 25K.
Although I maintain a bullish stance, I believe a correction is imminent, as mentioned in my previous post. Currently, there appears to be a buying opportunity until the take profit (TP) level of 31200.
it's not finished yet for the bulls on a high perspective. I don't think we will see an enormous price drop (below 25K), since we are still in a bullish phase anyway, which needs a correction.
Remember, trading can be challenging, so conduct your own analysis and do not solely rely on my words.
Stay cautious and take care.
Atémak
