Will Bitcoin experience a deep correction this week?
Or will it consolidate to give altcoins a chance to explode?
The trend for Bitcoin is positive, but a short-term correction may occur. Last week, Bitcoin closed with another bullish candle, forming three consecutive bullish candles, indicating an overall positive upward trend on the weekly chart.
Even if a correction occurs this week, it will not damage the overall structure on the weekly chart.
On the daily chart, four consecutive days of small bullish candles or a consolidation phase indicate a state of hesitation in the market.
Top divergence signals and the possibility of correction can be clearly seen on the 4-hour chart, indicating that Bitcoin may face resistance at the key level of $100,000, leading to a correction or consolidation.
It is important to note that if it corrects to the range of $87,000 - $80,000, it may fill the previous gap, which is not good news for altcoin holders, and they should be mentally prepared.
The current key point for the short term is that the 4-hour K-line has formed a Morning Star pattern, and if it can close above $97,500, the risk of a significant decline in the short term may be temporarily alleviated.
If it continues to consolidate, Bitcoin may adjust within the range, providing space for other market trends.
Market scenarios and operational suggestions:
Two possible scenarios:
Bitcoin deep correction:
If a significant correction occurs, altcoins may face a comprehensive adjustment, and preventive measures should be taken in advance.
Bitcoin consolidation:
Consolidation will provide better performance opportunities for altcoins, especially those that have already formed bottom structures may explode in the short term.
Pay attention to: DOGE BONK PNUT TROY
Now that Bitcoin is sucking the life out of altcoins, altcoins only have a chance when Bitcoin is consolidating!
In this situation, it is best to lay out and ambush potential altcoins!
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