Right now, BTC is experiencing a correction.
If this is merely a pullback, it will rise again and break the narrow, right-descending channel.
Will the bulls truly regain control in that case?
I know that I am making assumptions on top of one another. Still, given that there is a recovery to 28k, turning back at the 1.382 retracement or a pitchfork channel (light blue) is possible, which could form an expanded flat (ABC).
The chart would then allow for a W-X reading, a price conversatio reminiscent of a WXY double zig-zag.
Although only hypothetical, such a double zigzag would answer the apparent shallowness of decline due to the head-and-shoulders breakdown.
So in my previous article, I suggested 25200 would be a key in bullish scenarios, but 28000 should also be what to watch.
If this is merely a pullback, it will rise again and break the narrow, right-descending channel.
Will the bulls truly regain control in that case?
I know that I am making assumptions on top of one another. Still, given that there is a recovery to 28k, turning back at the 1.382 retracement or a pitchfork channel (light blue) is possible, which could form an expanded flat (ABC).
The chart would then allow for a W-X reading, a price conversatio reminiscent of a WXY double zig-zag.
Although only hypothetical, such a double zigzag would answer the apparent shallowness of decline due to the head-and-shoulders breakdown.
So in my previous article, I suggested 25200 would be a key in bullish scenarios, but 28000 should also be what to watch.
