Is Bitcoin Due for a Correction?
BTCUSDT, 15m
Price came up and got a nice rejection from our Fib level and Order block and rallied nice and quick down to sweep those equal lows.
Price came up and got a nice rejection from our Fib level and Order block and rallied nice and quick down to sweep those equal lows.
Could Bitcoin be starting to top out?
Price action these last few days hasn’t seen that overly bullish outlook and looks to be experiencing a consolidation after pushing above all time highs. We have pushed down last night to create a double bottom on the 15m time frame so Ill be monitoring the Fib levels for a correction back down to sweep below the double bottom.
Definitely not looking bearish right now but with buyers becoming exhausted this could be a nice short term trade to the downside.
As we near closer to the halving we have seen more and more liquidity enter into the market which is usually an ideal time for smart money to push price lower.
Overall I still expect a decent correction whether its pre or post halving is yet to be determined. This would be considered a higher risk set up as the overall market structure is still bullish but we are seeing signs of weakness.