BTC ready to correct

Bitcoin has been in a logarithmic channel with a clearly defined resistance, support, and median line . Bitcoin is at the top of this channel. The RSI is overbought and shows a bearish divergence. This indicates a downward trend.

There will be support at the median line , providing a good entry point for trades. When it finally breaks this line, Bitcoin should drop to the bottom of the channel and hit a fibonacci retracement support line, most likely the 61.8%. This will be a good entry for long trades. 3000 will be a strong support (fibonacci, previous ATH , psychological barrier).

There is a possibility that Bitcoin will attempt to break through 5000 and tap the top of the channel again. If this happens, it shouldn't pass the 5150-5250 range. The selloff will be rapid, so be aware.
trade active ? Looks horrible atm according to your chart
Brilliant! Could be a symmetric triangle, could be like last time. Either way, measurement is around 38% 39% pullback.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out