BTC and altcoins are in a local correction, BTC is below $68,000.
The current reset can be considered a consequence of China's harsh statements regarding Taiwan and the start of their exercises around the island.
It can be considered a consequence of the publication of strong data on the US Business Activity Index (a bullish factor for the DXY, corrective in these circumstances for the risk asset markets).
And we can consider it a technical regularity. Since we wrote about this local correction yesterday, more than 24 hours ago.
Quote:
“The basic scenario of expectations for the crypto market: local correction by impulse and continued growth. First of all - altcoins. But the scenario for updating ATH for#BTCis also relevant"
Nothing has changed in these expectations since yesterday. And so far it cannot be said that this local correction has ended. Again, remember yesterday’s review with an assessment of the reduction target:
“For a possible correction with a squeeze, a quite adequate target is the volume level of $67,088”
If the price goes lower, the correction may be delayed and the PG&P figure can be considered completed. Which gave +12.3% from the start of testing instead of +14.8%.
We can see a picture in which, if spot Ethereum ETFs are approved, the price of#ETHwill overshoot and break the downtrend signal, showing growth in the coming days. But#BTCwill show the range at best.
The question now is that technically #BTC, #ETH,#SOLare for correction. Local, before continued growth in all three assets. And the only thing that confuses the cards is the SEC’s expected decision today on spot Ethereum ETFs. A powerful news event will make its own adjustments to the technical picture. Within the framework of not only today, but also the next few days, there may be moves in both directions for TOP assets.
