BTCUSDT A good run requires a natural correction

At the 2-hours timeframe chart we see a start of natural correction of BTC price, As long as local support R1 around $7 700 is holding strong, there is still possibility of the whole dip being bought back up again. According to R1 neckline the price can make Double Top, which is also aligned with EMA(50) support. If the day trade candle will close above $8 000 level then it can be concluded that correction is finished and no lateral trend just another upward movement

Nevertheless we see a breaking down of the pitch and touch of the support trend line while sell volume increases. It means that in case of breaking through local support zone the price can start consolidation around the next major support level which is going to be Fib. 0.618 around $6 900

Distribution or accumulation period takes longer than expected, so we don't make final decision according to BTC. Lets see how market reacts to R1 and how would support works here.

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评论:

BTC has a long-awaited natural correction. Why is this good news for bulls? Let's break down the points:

• A confident uptrend can not presence without corrections and there should be one to start a new growth wave from the higher point. According to technical analysis, we have received an ideal correction movement with a rebound from 50% if Fibonacci, which threw the price back to $7 200.
• Corrective drawdown closed the gap to CME in the levels of $6 430 - 6 870.
• An important consolidation zone, formed from September to November 2019, served as an excellent support zone and added strength to the upward momentum.

The market at the mid and long timeframes seems to be bullish: its technical part and the mood of the crowd tells that there should be another growth wave. It is likely that we will see BTC at $9 500 - 10 000 zone soon