$BTC TOP 20
Added 2024-03-16 20:36:31 +0000 UTCFinally starting to see some weakness now and a firm rejection at the previous high at $69k.
The price was able to run as high as $73.7k but on the retest of the $69k level, it rejected and on the 1hr chart, we are seeing a loss of support on the 50 and 200 MA, and even a retest of the 200 MA from below and rejecting twice.
Which confirms the downward trend for me.
The price is very high above its daily 200 Day MA at $40k right now, which is also between the 0.5 - 0.618 Fibs, so I expect this ABC correction to drift down to the 200 Day MA.
This is healthy and this is an opportunity to buy when the correction is complete.
The variable here is that the halving event is still 3-4 weeks away, so bulls may make another attempt to push this higher....but the ABC correction will come.
Comments
Is this chart still valid ? Looks like we are pumping !
Dan
2024-03-20 22:09:58 +0000 UTCDoes this align with the pre-halving correction?
Brandon
2024-03-16 21:03:57 +0000 UTCis there any chance that it is not ABC correction it is going to Wave 4 then Wave 5?
Baktash Azizi
2024-03-16 21:02:37 +0000 UTCYes in needed, ABC correction usually retrace 50-61.8%
Gareth Neary
2024-03-16 20:53:23 +0000 UTCA +35% correction possible?
Brandon
2024-03-16 20:52:11 +0000 UTC
