Bitcoin BTC Ready For Correction

As shown in the chart we see BTC has formed a rising wedge alongside an ABCDE pattern which suggests confirmation of the wedge. Once we see a breakdown of the wedge it will look to retest it to confirm the pattern. From there BTC will look to find support around the 36k area. If this support doesn't hold the next stop will be 34.7k where BTC is likely to find stronger support.

Once these levels are reached BTC will look to continue its run and prove how strong this pump really is. It is very important to pay attention to how BTC reacts to these levels as it will suggest the strength going forward. One last thing to note is this is a time where liquidation is at an extreme high. SL's are being targeted and there is a good chance yours might be hit as well in either direction. A strong strategy and tight SL needs to be set going forward until more clear patterns present themselves.

Support: 36k & 34.7k

This pattern is also present in Ethereum as well.

Thank you for checking out the analysis, I hope you found it insightful! Comments are more than welcome;

Comment:

This scenario is still in play as of now, its important to keep an eye on it.

Comment:

Here is a previous post from yesterday which seems to be playing out more accurately. Same scenario, different perspective.

Comment:

It looks like BTC is setting up for one last pump to really trap the bulls here. It will likely shoot to 45k where it will hit a brick wall in my opinion. It hasn't tested enough support and needs additional ranging to keep this strength. 10 Days of green just is not characteristic of a reversal.