Bitcoin (BTC) correction
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Continuing from the previous analysis, the support area didn't hold and Bitcoin broke through it. So, when or where might Bitcoin's correction wave end? There are three possible areas where this could happen:
1. The 200 MA line on the weekly chart (pic is added below)
2. An area in the middle of which is priced at 18,250$
3. An area in the middle of which is priced at 12,500$
About when this could happen: The state of crises in the world, including rising commodity prices such as wheat and oil, the Russia-Ukraine war, and inflation in most countries make it difficult to accurately predict the end time. However, one or two very good news about Bitcoin or cryptocurrencies can be a sign of a possible reversal.
1. The 200 MA line on the weekly chart (pic is added below)
2. An area in the middle of which is priced at 18,250$
3. An area in the middle of which is priced at 12,500$
About when this could happen: The state of crises in the world, including rising commodity prices such as wheat and oil, the Russia-Ukraine war, and inflation in most countries make it difficult to accurately predict the end time. However, one or two very good news about Bitcoin or cryptocurrencies can be a sign of a possible reversal.
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Weekly chart with 200MA
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So Bitcoin broke through the 200 SMA (on the weekly chart) and reached the "second" possible area mentioned for the correction wave ending. Currently, it seems an upward wave has started, it's good for swing traders, but be careful since I think this level will probably be touched again.
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Bitcoin is still moving in the path of the initial analysis. There is a downtrend line that if Bitcoin breaks a medium-term uptrend wave probably start.
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The break happened and Bitcoin is going up. The major target zone is 0.382 Fib retracement; there might be a stop hunting candle reaching the 0.5 level.
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Let's have a more detailed analysis of Bitcoin. It seems the current pattern is an inverted wedge. Have to wait for the pattern to break.
(P.S. the previous update was based on the normal scale, the logarithmic scale is much better for pattern recognition.)
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