The Bitcoin correction has stopped at 50% level, 2/1 as well as 200 Moving Average. All of them were rejected, suggesting that the strong support is being tested that might result in a continuation of an uptrend if not broken.
However, looking at the statistics of the prior corrective waves, both of them were approximately 40%. Could this mean that history will repeat itself and BTC will move lower towards 61.8% Fibonacci at $4900 to make it a 40% correction? While the $5500 support is holding this scenario remains unlikely and BTC could continue rising or enter a consolidation phase. In any case, while there is uncertainty about the short-term direction, the long-term trend remains very .
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