BTC/USD Historical Corrections and current stage

TAJ Trade Analysis on BTC/USD.

During Bull Markets BTC has bounced off 40 MA historically. If this is indeed a bull market, BTC should pull back off the 40 MA soon.

06/Jun/2021

Disclaimer: Not an advice to buy or sell. Just putting forth my views.

Comment:

BTCUSD is currently trading at $35,711.00, if BTC has to go 20k or less, it has to retrace around 70+% from the peak. Historically in a bull market BTC has never retraced so much. It would mean that we are no longer in a bull market and this is a crash and not a correction.

However, I think this is a first of many corrections we are seeing in this bull market. We should see prices much higher in the future and many such corrections along the way.

The chart only shows 2017 bull market but it had similar behavior in 2013-2014 bull run as well where the price retraced as much as 57% during a correction before making new highs.

Trader sentiments remain the same which turns extreme bearish during the corrections and extreme bullish during the peak. We saw same pattern during the 2017 run as well. Trade with Caution.

TAJ
06/Jun/2021
BTCUSD: $35,711.00

Disclaimer: Not an advice to buy or sell. Just putting forth my point of view.