Another week ends with the crypto market in the green zone. By the end of the week, the price $BTC BTC closed below the psychological level of $90,000.
The price only needs to rise by +10% to reach the mark of $100,000!
According to all technical metrics, it's about time to go for a correction in Bitcoin.
But we do not exclude the fact that the correction may take the form of a slowly ascending sideways market.
It makes the most sense that it should happen this way, as just recently we spent a whole 8 months trading in a sideways market. Clearly not to allow latecomers to enter at reasonable prices.
Let's analyze the technical picture:
1️⃣ The Fear and Greed Index reached a level of 83 points, and at one point even reached 90.
In most cases, it was at such indicator values that corrections occurred!
However, in the bull market of 2020-2021, the price continued to rise for a couple more months at a similar indicator level.
2️⃣ The price of Bitcoin has fully realized the short-term growth targets according to the Expanding Wedge pattern. This is the pattern we formed during the market marinade.
This figure is a trend reversal pattern. In our case, the change of the medium-term trend from downward to upward.
Therefore, to think that we are already at the peak of growth in the medium term is very premature.
3️⃣ The printing press in crypto is working at full capacity again.
In just 2 weeks of November, the number of new USDT increased by +$7 billion.
And new $USDC were printed at +$3 billion.
As has been said many times before, the most important thing for the growth of any asset is liquidity.
Conclusions:
In the short term, we may go for a correction of -15% in Bitcoin, which will pull the entire market down.
The goal of such a correction is to cool people's emotions and liquidate leveraged positions 📉.
But if such a correction happens, it will be immediately bought up. So be ready to put in buckets in such a scenario.
It is important to understand that the medium-term trend is strictly upward!
What is happening in the short term is just market noise that should not be paid attention to.
Moreover, altcoins have just started to come alive.
🤟 Did you like the review or want to better understand cryptocurrencies and technical analysis?
➡️ #cassius_trade Look for us on Pavel Durov's social network.
#dyor #crypto2024 #Bitcoin #bullrun