Hello Everyone,
I believe bitcoin is experiencing PRice Action Exhaustion and needs deeper correction for a larger upward swing.
I've included most of the explanation within the chart but most upward moves have strong bullish PA then followed by Exhaustive PA which then leads to a larger drop/correction. 53-55k would also allow your alts to correct and breathe a bit more for another explosive move to the upside. There was also what looked like an Inverted Head and Shoulders which failed to close at 63.7k. This is a huge determinant with exhaustive swing patterns.
As always,
Be patient, use risk management, and good luck trading!
I believe bitcoin is experiencing PRice Action Exhaustion and needs deeper correction for a larger upward swing.
I've included most of the explanation within the chart but most upward moves have strong bullish PA then followed by Exhaustive PA which then leads to a larger drop/correction. 53-55k would also allow your alts to correct and breathe a bit more for another explosive move to the upside. There was also what looked like an Inverted Head and Shoulders which failed to close at 63.7k. This is a huge determinant with exhaustive swing patterns.
As always,
Be patient, use risk management, and good luck trading!
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