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the6ylal
Nov 29, 2023 6:40 AM

Possibility of Correction for Bitcoin about Short Time Frame Short

Bitcoin / TetherUS PERPETUAL CONTRACTBinance

Description

As can be seen, Bitcoin is moving as expected within the ascending triangle formation, and we are currently on a stable path above SMA200 / 4H.

Considering the Fib support and resistance, a correction to around 35K can be considered normal. If we can break the limits in this area, we can see a correction to 33.5K or even up to FWB:29K, which is our long-term fib level.
Comments
Id_buy_it_for_a_dollar
A dump is way overdue, but I do not see it happen. Bulls are now on coke, and their infinite greed will keep pushing the price higher.
the6ylal
@vitaly-t, I do not think so mi bro. I still waiting monthly fib 0.618.
Id_buy_it_for_a_dollar
@the6ylal, Shorts got squeezed 7 times recently, so bears are now fearful to make any play. Maybe the rise to 40k will trigger a proper dump though.
the6ylal
@vitaly-t,
40K is not a big deal, but when I did this analysis 2 years ago, everyone thought the same way about bulls as you.
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