The BTC market is trending downwards. The price makes the lower lows and lower highs. It is a clear indication that the sellers are full control of the price. Thus, the best approach here to follow the trend. The BTC just completed its correction move and it is more likely that we see a new impulsive move now. The price tried few times to break the mini structure and rejected at 8400. Moreover, that area perfectly matches the Fibonacci 50% retracement. I expect the new sellers will step in and push the price down again.
So the price jumped to the 61.8% level and is back to the 50% does this support the view that it will head back down toward the 0% level
Lukasbonzzi
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your analysis is not holding up
we are after correction and now is an impulse to the mountains? Or Is there still a correction and the price will go down?
Art_of_Trading
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@Lukasbonzzi, It is still considered a correction leg, because the price was unable to break lower high at 8550 area. The last few hours price actions show that the buyer could not manage to push the price up at the previous structure high. So, I expect the new impulsive leg development. In other words, this is the end of the correction move.
Lukasbonzzi
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@Art_of_Trading, so if we are after correction, you should expect lmpulsu UP, not a price fall, I understand it that way
Art_of_Trading
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@Lukasbonzzi, The trend is going downwards. Thus, we are trying to catch the new impulsive leg to sell. What I am saying here is that the current correction leg is going to end soon, which will create the opportunity to follow the trend and sell.
Lukasbonzzi
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@Art_of_Trading, then we have 2 different charts because on my probably the correction has ended and I see a clear impulse in up :)