Not so long ago, someone in a comment on one of the cryptocurrency portals asked me how I see BTC this month, and added that I should not say that it will be around $ 60,000. I wrote back to this man to get him prepared for a price of up to $ 71,000 and then he stopped talking 🙂
We are currently seeing a correction before the psychological level of $ 70k USD. The correction is on a smaller volume which is a good signal for us that the trend continues. The image shows the levels that may be reached by the price in an extreme situation. The first image shows the fibo levels that are near the supports. Breaking the levels will give us a signal that then we have to watch the volumes on the stock exchange to wait for the possible end of corrections. Number one is the breakout of strong support, i.e. a signal for deeper correction. The number two 50% fibo adjustment level at which many investors make a purchase before the signal appears.
The second image shows the current situation. Close levels where we have a chance that the price will stop or rebound. You can see that I have marked the current decreasing volume. What scenario for the next trading sessions? It would be ideal to lower the price on the increased volume so that the level marked with the dashed line was concentrated in its entirety without causing a decline. Price rebound on the further increasing volume as indicated by the figure two. With such a scenario, it will be a book correction cleaning weaker hands.