Bitcoin experiences rejection after hitting long target key noted in idea below. We see strong wick rejection has trapped some buyers as Bitcoin descends to correction to possible 46K and maybe below. Buyers beware. For demonstration and educational purposes. Please refer to the linked long idea below, where price has hit both targets.
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Price is resting at key zone in the market. Although we are experiencing some bullish movement, keep in mind that a correction is not out of the question. Watch price action between 57K and 58K for signs of rejection (further selling) possible.
Thanks. It didn't occur to me, that it still was a "Double top" just with a bull trap.
mrsceleste
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@ram4nd, We do have to re-evaluate as price action plays out. Looking at where we are now I don't think we will get an immediate correction to 46K before surpassing the previous high. I do think we will see an even bigger correction to 40Ks..just don't know when. Will have to analyze based on price action
ram4nd
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@mrsceleste, Well if there is no new "big money" it will go sideways. If "big money" leaves it will crash. I think we are on dangerous grounds.
mrsceleste
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@ram4nd, I do think we will see consolidation for a while. Check out my latest idea this morning.