$BTC big consolidation before takeoff?
If you look at the 1D timeframe chart, you'll see a clear trading structure with defined boundaries of $59,600 to $74,000.
According to technical analysis, such structures tend to show movement after the fourth or sixth point đ
đĄA couple of words about the stock market:
The S&P 500 index has been showing a corrective pullback for 3 weeks after hitting a new ATH. Do you notice the similarities?)
I won't delve into correlation right now, but if you're interested, react, and we'll discuss it later.
The index may still show a first wave of correction towards levels of $4,818 (previous ATH), $4,720 (0.5-0.618 Fibonacci). #BTC also be affected momentarily.
đ° Regarding #BTC a move towards the lower boundary of the range at $59,600 would be a completely understandable move. Currently, we're forming liquidity in the form of a stop structure below the $67,500 level for its retest.
If the price falls below the $59,600 level and consolidates below the structure, we might see a move towards the $56,000 and $52,000 levels.
