BTCUSD: Expect a SMALL CORRECTION before test of ATH ($60k+)
I am expecting a bounce off the 50 day MA as it approaches the 200 day MA from below. This is also based on the following alignments:
A highly traded zone can be found around $40.5k - $42.5k.
Bitcoin Green and Fear Index is showing Extreme Greed, so a correction wouldn't be unexpected.
Bitcoin Funding Rates are hitting positive after it passed the mental $50k hurdle. Again, a correction to bring these rates negative again wouldn't be unexpected.
Extreme levels of confidence often get corrected in a swift large move before BTCUSD proceeds. My expected probability of the above is around 75%.
A highly traded zone can be found around $40.5k - $42.5k.
Bitcoin Green and Fear Index is showing Extreme Greed, so a correction wouldn't be unexpected.
Bitcoin Funding Rates are hitting positive after it passed the mental $50k hurdle. Again, a correction to bring these rates negative again wouldn't be unexpected.
Extreme levels of confidence often get corrected in a swift large move before BTCUSD proceeds. My expected probability of the above is around 75%.
Trade active:
Also the ascending channel highlighted in the red lines can break in either direction. The more larger ascending channel that we saw between Dec 2020 and April 2021 of course broke to the downside.