Bitcoin: correction or end of bounce?

Published On: February 3rd, 2023|Categories: Global Technical Analysis|Tags: , , , |By |

Bitcoin: Correction or end of bounce?

Bitcoin price action today is pointing out that a correction is due for Bitcoin and all other cryptocurrencies. Today’s bar – candlestick is about to form a doji pattern indicating a possible correction at least towards the level of 20900’s.

If the correction ends up to be the case, the 20900’s will be a direction pivot for a reversal and continuation of the running cycle towards  32k. If the bounce fails then the door to 17k opens up and flags the November Cycle completed. That means the bounce is completed for most of cryptocurrencies and from there continuation lower into new lows.

The only way to go along with Bitcoin at this stage is hold sidelines for now until next support estimated at 20900’s. From the there buy on confirmed move higher with stop loss the levels lows..

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