In the past 74 days, we have experienced a positive trend with approximately a 480% price increase. This significant rise can be attributed to the notable surge in the prices of top market coins. The current situation can be described as a corrective and retracement phase since the channel ceiling has been broken, and we find ourselves in an overbought condition.
Analyzing this correction can be approached in two ways:
1. If the market is inclined to continue its bullish trend:
- The channel ceiling break may be a valid move, forming the basis for a new trend. We will experience a correction until the channel ceiling is reached again, followed by either a continuation of the positive trend or a consolidation phase, with a 40% probability.
2. Alternatively, if the market takes an emotional and speculative turn:
- The break may be an emotional and impulsive move, leading to a more significant price correction. We might return to the channel after a more substantial price adjustment, with a 60% probability.