Should Bitcoin Bulls Be Concerned?

In my previous analysis of BTCUSD , I expressed my expectation for Bitcoin to reach a new all-time high, which indeed occurred as the price broke above 70k and sustained that level for several days.
However, following a brief test around 74k, the price began to decline and fell back below 70k.

Now, a crucial question emerges: Is this a change in the bullish trend?
In my view, it is not. Even though the current price of BTC sits at 65k, I interpret this as a normal correction rather than a reversal of the trend.

Technically, the situation appears clear and uncomplicated: the trend remains strongly bullish. Even if the price were to drop to the 60-61k zone, I believe there should be no cause for concern, rather a good opportunity to buy.
This zone represents a convergence of factors: the trendline, a horizontal level established after the initial ATH, and a psychological level.

In conclusion, what we are witnessing is a typical correction. Even a drop to 60k, constituting a 20% decrease, should not unsettle anyone, given the robust bullish trajectory observed since November 2023.

Best of luck!
Mihai Iacob

ความคิดเห็น:

Correction potentially over
Yesterday, immediately after my post, BTC started to reverse and, at the end of the day, left a Piercing Line candlestick pattern on our chart.
Today, once more, dips were bought, and(at least so far) we have a long-tailed bullish bar on daily
These could indicate the final of correction

ความคิดเห็น:

Yes. Had more to correct, but exactly in yellow zone