Following large bullish sentiment, it seems BTC is ready for it's A, B, C correction. It's always good to remember that corrections are healthy so don't be alarmed just yet.
There have been some semi-valid ideas shared that suggests BTC is undergoing a Supercycle correction and that this run was a large wave B correction and that BTC could hit 1k-2k levels. The main reason I don't think this is case is due to the huge amounts of volume this run had which suggests to me that there may be too much support for it to get to these levels. With that said, it may also be that Tether has been printing and then pumping money into crypto but this could be FUD and isn't something confirmed. If this is the case, I would definitely not rule out a Supercycle correction and I will be watching closely.
As per the technicals, the MACD has had a daily cross and it has entered into a selling phase. The daily RSI also has plenty of room to move down.
As always, trade safe, keep an eye on large bounces and BTFD!
There have been some semi-valid ideas shared that suggests BTC is undergoing a Supercycle correction and that this run was a large wave B correction and that BTC could hit 1k-2k levels. The main reason I don't think this is case is due to the huge amounts of volume this run had which suggests to me that there may be too much support for it to get to these levels. With that said, it may also be that Tether has been printing and then pumping money into crypto but this could be FUD and isn't something confirmed. If this is the case, I would definitely not rule out a Supercycle correction and I will be watching closely.
As per the technicals, the MACD has had a daily cross and it has entered into a selling phase. The daily RSI also has plenty of room to move down.
As always, trade safe, keep an eye on large bounces and BTFD!