The higher this bull trend continues without relief, the deeper the eventual correction.
Thesis for correction
Technical Pattern: Price action has formed an ascending wedge similar to the one formed in April/May '21 that started the major sell / bull cycle market correction.
RSI: Flirting with 'overbought' for the past 2 weeks without mean reversion.
Overall Sentiment: Moon bois are back. With market/public/social sentiment having completely flipped from bearish to bullish, a great opportunity to trap late bulls
I am preparing for a 15-30% correction to begin within the next 5-10 days. Not financial advice. Do your own research.
Do you think we will still go up to 3500 and then correction, or tops 3200 and then correction?
Senor_G
⋅
@mauruz46865, thanks for reviewing my analysis and commenting on my post!
In my opinion, it all depends on BTC. It is also forming an ascending wedge and has only had a ~10% pullback since the range lows (~$28,800). I think BTC/USD reaches ~$49,000 prior to retracing to ~$35,000.
If that were to happen, I would expect ETH to make a similar move. ETH may accumulate within a ~$300-400 range for a few days before testing ~$3,550 and then making a corrective move. I would use $2,835 (scenario 1) and $3,150 (scenario 2) to confirm corrective move on a bearish retest of the levels. Hope this helps!
CryptoCheck-
⋅
ETHUSD - Moving Towards 3900
juarezhernandez164
⋅
Once it taps into demand zone above $3500 correction will occur .