Although it is thought that we have left the bear market and entered the bull market, BTC does not yet seem to have achieved its normal correction level at the required percentage.
When we examine the LP and OTH focused fib retracement ranges based on the Rising Wedge phenomenon related to the Bear Flag formation we are in, it becomes clear that the correction has not been fully realized.
Currently, our strongest support level appears to be the 50-week simple moving average, which runs parallel with the Rising Wedge support trend.
When SMA 50 breaks, we can expect a very deep decline.
When we examine the LP and OTH focused fib retracement ranges based on the Rising Wedge phenomenon related to the Bear Flag formation we are in, it becomes clear that the correction has not been fully realized.
Currently, our strongest support level appears to be the 50-week simple moving average, which runs parallel with the Rising Wedge support trend.
When SMA 50 breaks, we can expect a very deep decline.
Trade active:
We continue our contacts with the upper resistance of the Rising Wedge Formation, which we are currently in and which is connected to a huge Bear Flag Pattern, in the weekly time frame.
With a breakout of our current uptrend, we expect first a decline to around $21.5K, supported by the Fib level, and then a return to one of the $15K, $10.5K and $9.5K levels.
In the long term, these fib supported levels should be our focus.
With a breakout of our current uptrend, we expect first a decline to around $21.5K, supported by the Fib level, and then a return to one of the $15K, $10.5K and $9.5K levels.
In the long term, these fib supported levels should be our focus.