BTC Correction 📉
After observing the recent price action, it now seems clear that the inevitable correction is taking the stage.
I revisited the chart and drew potential bullish trendlines for a bull pennant on the 12h timeframe, but even those appear to be breaking down, confirming that we’re currently experiencing a clear shakeout/correction.
I’m now expecting at least a full fill of the CME gap, and potentially even a drop toward $112,000.
Keep in mind that the CME price often lags behind spot prices on other exchanges, so in order to properly fill the gap down to $114,000, a dip toward the $112,000 zone remains a very realistic scenario.
Take note that a lot of new retail investors are coming in recently by all the sounds of a ”possible altseason” around the corner, especially during the summer holidays when they have more time on their hands to look deeper into this.
all this in combination with a lot of long positions around and beneath the price range of 114k and 116k I expect a shake out and liquidity grab.
The only bullish short-term possibility that remains would be if this turns out to be a massive fakeout from the pennant structure, but I find that unlikely.
Personally, I’m watching for signs of a bottom sometime next week before looking for new upward momentum.
The BTC.D began a dive towards 60%, still: BTC remains dominant, which strongly impacts altcoins.
That’s why I’m currently staying cautious and holding off on entering new trades till we see clear support.
Let’s reach the summit together!
📝 Note
I’m currently building a portfolio of crypto analyses here on TradingView. Your feedback, tips, or validation are greatly appreciated, especially as I continue developing this skill further!
