this is the major correction we've been waiting for. what I see here is several things:
- there is a triangle that btc is trying to stay in.
- the RSI 14 is moving to oversold region. I think in order for the correction to be over, we should go below 30.
- btc price on 4h window is still above ichimoku cloud BUT I think it is moving towards the cloud and we can see a divergence.
- the next support will be at $12k and I think that will be our bounce back.
- this will be the largest correction we've seen for a long time almost about 40%
- there is a triangle that btc is trying to stay in.
- the RSI 14 is moving to oversold region. I think in order for the correction to be over, we should go below 30.
- btc price on 4h window is still above ichimoku cloud BUT I think it is moving towards the cloud and we can see a divergence.
- the next support will be at $12k and I think that will be our bounce back.
- this will be the largest correction we've seen for a long time almost about 40%
Comment:
In the hourly chart, price is below the cloud. Analysis is probably correct.
medium.com/@ImagineT...-to-gold-b7d35704641
This is a nice article making an analogy between the gold prices after gold futures were launched and what might happen to bitcoin prices after the launch of bitcoin futures. As it is explained in this article, if the drop gets deeper, I think we might fall all the way down to the green support line reaching $8k with a drop of 60%.