The first day of the week has started with a very sharp movement to lower zones, resulting in some nice liquidity hunting for millions of dollars.
With prices getting rejected from the upper zone, we started slowly moving toward FVG zones that have been waiting long enough for them to be reclaimed again.
With that being said, it is a little early to say if it was just a long squeeze or if we had an actual rejection from the upper zones, but what we are going to do is look for a potential re-test in the upper zones (near $43,800) with an overall aim to re-claim those FVG areas!
Swallow Team, still think this is a retest at 43800? I'm betting bitcoin goes to the $36-38k range and then we see a major correction. Also betting that correction will be short lived. Most traders can agree that 2024 will be good, so cheers to Near Years!
unbeldi
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The correction is not massive. It is just a minor correction after large gains, needed for sustained growth of a healthy market.
SwallowPremium
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@unbeldi, Looking at the monthly candle and that pre-halving push, we might see something much bigger than "minor correction." (As of now, the price has dropped by 9%.)
Viewingthosetrades
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@SwallowPremium are you expecting 60% drops? Also how long does it usually stay at that level before resuming upwards? Thanks in Ada Vance
SwallowPremium
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@Viewingthosetrades, Hey there, Our major target would be a nice drop of 40%—more than 60%—but everything can happen. Expecting to be in those lows for no longer than a week and then we will most likely have a bounce from there. (looking historically)