Is Bitcoin facing a potential correction in the short term?
NOT FINANCIAL ADVICE
Keeping things simple, studying $BTC vs MACD vs RSI, a divergence pops out clearly on the shortterm 4H charts.
While these do not always indicate a top or a dip, it is a signal that it is usually potentially accompanies one.
Also charted are the various levels of potentiall strong resistances that may deflate bitcoin’s current rally. These are based off the previous peaks preceeding selloffs, with the Major Resistance being bitcoin’s ATH.
If we are to analyse the volume trend, we can see that there’s a slight upslope of interest in trading which may be indicate that this rally may not yet be over — that the Minor and Primary resistances may be just a breather for the Bulls to regain their strength back.
In summary, I’d surmise that it’s still not too late to get on the $BTC train. Wait for the dip, accumulate, and prepare to take profits as and when signs of weakness are showing during rallies.
I do feel that retesting of ATH is incoming, but I won’t be surprised if the corrections are coming sooner than later, in this journey.
Again, not financial advice — just an educational tool.
Keeping things simple, studying $BTC vs MACD vs RSI, a divergence pops out clearly on the shortterm 4H charts.
While these do not always indicate a top or a dip, it is a signal that it is usually potentially accompanies one.
Also charted are the various levels of potentiall strong resistances that may deflate bitcoin’s current rally. These are based off the previous peaks preceeding selloffs, with the Major Resistance being bitcoin’s ATH.
If we are to analyse the volume trend, we can see that there’s a slight upslope of interest in trading which may be indicate that this rally may not yet be over — that the Minor and Primary resistances may be just a breather for the Bulls to regain their strength back.
In summary, I’d surmise that it’s still not too late to get on the $BTC train. Wait for the dip, accumulate, and prepare to take profits as and when signs of weakness are showing during rallies.
I do feel that retesting of ATH is incoming, but I won’t be surprised if the corrections are coming sooner than later, in this journey.
Again, not financial advice — just an educational tool.
Comment:
Primary resistance breached. Testing major resistance now. Weekend volume are generally weaker, so retail should capitalise on this to push prices higher.