Hi Traders!
In recent days and weeks, everyone has been most interested in the king of cryptocurrencies - Bitcoin. It recently set his new ATH at USD 42,000. Since then, however, we have undergone a slight correction and in this situation, we have two options for further development.
1. Triangle
The first possibility is that we are in a triangular formation, which we are slowly ending and we will soon grow. For this to really happen, we need to keep the bottom trend line on the chart and also break through the top trend line.
2. ABC correction
In this case, it would not be a positive report and another wave of decline would follow. So we would fall across the bottom trend line and go test the support at the level of USD 28,200 - 29,200.
Both options are still realistic and as we can see, the chart no longer has much space. This means that it will soon have to decide which side to we will look at. Which of the options will finally be realized does not change the fact that we are still in the bull run. Each correction, therefore, represents an opportunity for another cheaper purchase.
May the crypto be with you!
In recent days and weeks, everyone has been most interested in the king of cryptocurrencies - Bitcoin. It recently set his new ATH at USD 42,000. Since then, however, we have undergone a slight correction and in this situation, we have two options for further development.
1. Triangle
The first possibility is that we are in a triangular formation, which we are slowly ending and we will soon grow. For this to really happen, we need to keep the bottom trend line on the chart and also break through the top trend line.
2. ABC correction
In this case, it would not be a positive report and another wave of decline would follow. So we would fall across the bottom trend line and go test the support at the level of USD 28,200 - 29,200.
Both options are still realistic and as we can see, the chart no longer has much space. This means that it will soon have to decide which side to we will look at. Which of the options will finally be realized does not change the fact that we are still in the bull run. Each correction, therefore, represents an opportunity for another cheaper purchase.
May the crypto be with you!