✅📉Today I want to share my thoughts regarding the current situation in the market. We are seeing a local decline to the levels of 65750-63450, and, apparently, we are approaching the minimum target of this movement. It should be noted that the maximum downside target could reach the level of 55-50k, which will likely be the end of the current correction that began on March 14.
Given that the minimum downside target is met and there are multiple bullish convergences in the oversold zone, I expect a possible rebound. The minimum rebound level can be 67700, which corresponds to the level of average distribution/accumulation lasting more than 3 months. The maximum rebound level may reach the range of 69-70k, corresponding to the 2021 ATN zone. Continued growth above this level could lead to sustained growth in the 100k region.
If during the rebound we see the candle close above 67700, this may indicate a continuation of the movement to 69-70k. And the closing of the candle above 70k may indicate the completion of the global correction and further growth to the range 78460-84420. However, it is worth noting that a candle closing below 63450 may indicate a lack of rebound and a possible continuation of the decline to 60775-59005 and 57800-55750.
Although the decline may continue, given the strong oversold conditions and the presence of convergences, a rebound seems more likely. To continue the fall, a serious negative news background will be required, which is currently absent.
It is expected that the rebound could occur before June 26, possibly extending until July 5-7. After a rebound to 67700 or 69-70k, a rollback is possible back to the range of 65750-63450. In this case, we will either consolidate at these levels and continue to grow to 78460-84420, or it will only be a rebound before continuing to decline to 57800-55750, 53650-51650 and possibly lower.
My current expectations suggest a rebound from 65750-63450 to 67700 or 69-70k, followed by continued declines to 60775-59005, 57800-55750 and 53650-51650, possibly even 49-47k. After this, I expect the completion of the correction from March 14 and the beginning of a new wave of growth above 100k.
In addition, I would like to add that there is already a confirmed fibo level for a decline to 55280. However, this scenario may change if the price fixes above 69-70k. Until this happens, the reduction to the specified level remains relevant.
We will closely monitor market dynamics and reactions in the 65750-63450 zone. Thank you for your attention! 📈
