BTC minor reaction to Intermediate degree correction
Bitcoin is oversold on time-frames below 6W and overbought on 1D. This means the current move up is a minor reaction on Intermediate correction. I think the price will spike the ATH once again, but the probability price go significantly higher ATH is lower than vice-versa. Maybe around 85k.
The price action usually is moving in a channel boundaries. You can see the Primary trend lines on the chart. If to use Fib extension tool & apply it from 4 of April 2021 till the 12 of March 2024 top, the Intermediary correction target is matching with the channel boundaries it is between - 42075 - 29435. (0.382-0.618)
I guess the bottom might be near 34k.
Plus, we could use TVC, as an additional indicator: on a lower time frames - it was overbought and is not oversold on a higher TF.
So in a short term, the probability TVC will continue decline, whiting a couple of next weeks is high.
Good luck in your trading and have a massive profit !
The price action usually is moving in a channel boundaries. You can see the Primary trend lines on the chart. If to use Fib extension tool & apply it from 4 of April 2021 till the 12 of March 2024 top, the Intermediary correction target is matching with the channel boundaries it is between - 42075 - 29435. (0.382-0.618)
I guess the bottom might be near 34k.
Plus, we could use TVC, as an additional indicator: on a lower time frames - it was overbought and is not oversold on a higher TF.
So in a short term, the probability TVC will continue decline, whiting a couple of next weeks is high.
Good luck in your trading and have a massive profit !