The correction has started - the price of Bitcoin has already made a 20% downwards move from the current all-time high. To be said, since March 2020 we have seen only one 30% correction but during the 2015 - 2017 bull-run , we saw nine. Is the current one is the second since March 2020?
Probably yes, at least the start has begun. Do not panic, everything is normal, in time to time the market just has to correct (as said, nine times in 2015/17 and still we are here), and actually, it offers a lot of opportunities to buy your favorite coins at lower prices.
If we see discounts in stores, everyone runs to buy new clothes, shoes and etc but if we see discounts in the markets, then the tendency is panic, and run, run as far as you can! Why!? Yes, probably the panic starts to kick in these FOMO players who started to buy above 55k at the first time but not for those who know the market.
So, panic? - no, you just have to be prepared for these corrections, they are just opportunities to jump in from technically good buying areas.
Let's find an area from where you can make a profitable long-term investment. Historically, during the trend, the average correction of Bitcoin has been around 30%, and atm technically the strongest support waiting for us exactly around the 30% correction benchmark.
First of all, the move to the marked area should be confirmed after yesterday's wick gets filled. We haven't seen wick fills for a long time and now, looks like it might happen - this is another sign of lack of bulls or pressure, which can drive the price around 40k.
Buying area criteria from 37000-42000:
1) The trendline, waiting for a third touch.
2) Previously worked resistance becomes support, a really nice grossing area with the trendline.
3) The round number $40000 acting as a .
4) Daily EMA50 adds strength to the marked area.
5) 38% and 62%, pulled from different lows.
6) Historically, the average correction of BTC during the trend has been 30% and 30% is exactly inside the marked area.
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