BTC analysis – will there be a break today and will the correction begin?2 min read
BTC is still in a growing wedge and the market price is trying to maintain support for this pattern. So the next days and maybe hours will be crucial and it will be decided whether the trend will continue or not. The amount of data suggests that a correction may come soon. But will it happen now, or will we wait for it?
BTC the growing wedge has not yet ended, but this pattern should close soon. Normal closure of the growing wedge occurs with the first target at 38.2% retracement of the whole growth. This currently represents a level of approx $ 42,500. Overall, the level of around $ 41,000 and $ 42,000 is crucial support zone to maintain a growing trend. Just the level $ 41,000 separates the previous accumulation zone from the current trend.
Also read the previous analysis –BTC analysis – a long-term bear pattern is closed within a few days
BTC in correction?
In addition, the growing wedge should represent the 5 Elliots that have already been formed, with point 5 respecting resistance at $ 50,500. Not to mention that volumes are declining and diverge negatively with price movements. This is also true of RSI, which also creates a negative divergence throughout growth. The main support for maintaining growth at RSI is a zone of 40 to 43 points.
We may already be witnessing unraveling today and see if the price keeps support or not. However, even if the price bounces off the support, it does not mean that it will not come soon correction. This may come even if the price still rises slightly and the maximum would be created close to the last one. The only scenario if we shot up from the lap is that a high-volume pump would occur. However, this is not happening yet.