In my view, the current Bitcoin price correction presents an opportunity to remain bullish on the cryptocurrency. If the price corrects and finds support around
25K
, this may suggest a correction (A-B-C) has occurred. This could signal that the upward trend is likely to continue, with new highs possible once we break through the
31K
level.
However, there is also a strong bearish case if the price drops below $26.6k and then meets resistance at this level. If this occurs, it could indicate a larger correction and a potential trend change. We may see an impulsive wave (1-2-3-4-5) down from this point, with a potential low of $21k.
Overall, while there are both bullish and bearish scenarios to consider, the support and resistance levels around
25K
and $26.6k will be crucial indicators to watch in the coming days and weeks.
25K
, this may suggest a correction (A-B-C) has occurred. This could signal that the upward trend is likely to continue, with new highs possible once we break through the
31K
level. However, there is also a strong bearish case if the price drops below $26.6k and then meets resistance at this level. If this occurs, it could indicate a larger correction and a potential trend change. We may see an impulsive wave (1-2-3-4-5) down from this point, with a potential low of $21k.
Overall, while there are both bullish and bearish scenarios to consider, the support and resistance levels around
25K
and $26.6k will be crucial indicators to watch in the coming days and weeks.