What's happening ?
it is 100% normal and no need to be panic.
First of all we have expected this correction in our last analysis and basically trends can't just go straight up, not possible, not logical.
BTC: 51500 - 50500 is the previous resistance level and now is going to be tested. if successful by daily candle closing above, then market will recover so do alts.
TOTAL market is heading toward trend line and we have to wait for chart reaction at this level. bouncing is expected to confirm price support at 51500-50500 for bitcoin.
DXY: meanwhile DXY has formed H&S pattern aiming for lower levels that will give the bouncing opportunity to other assets like cryptocurrencies to move up.
Supports: 51500-50500-48500
Resistances: 55000-57000
Always DYOR
Cheers,
Ehsan
it is 100% normal and no need to be panic.
First of all we have expected this correction in our last analysis and basically trends can't just go straight up, not possible, not logical.
BTC: 51500 - 50500 is the previous resistance level and now is going to be tested. if successful by daily candle closing above, then market will recover so do alts.
TOTAL market is heading toward trend line and we have to wait for chart reaction at this level. bouncing is expected to confirm price support at 51500-50500 for bitcoin.
DXY: meanwhile DXY has formed H&S pattern aiming for lower levels that will give the bouncing opportunity to other assets like cryptocurrencies to move up.
Supports: 51500-50500-48500
Resistances: 55000-57000
Always DYOR
Cheers,
Ehsan
