The upward channel of $BTC has been broken, and a deep correction may be coming!
First, let's look at the daily level. The previous momentum of continuous bullish candles was directly ended by a large bearish candle. The gains made over the past few days have been completely wiped out. It's clear that market sentiment has changed, and bears are starting to gain the upper hand.
Next, at the 4-hour level, the consecutive bearish candles have directly breached the previous upward channel. The trading volume also shows that the strength of the bears has not yet been exhausted, and the downtrend in the short term is basically confirmed.
Take BTC for example: last night, it dropped directly to the position of 107250 due to news impact. Although there was a slight rebound later, it failed to breach 110000 on two attempts. This has formed a short-term double-top pattern, indicating that there is significant selling pressure above. With the news causing such turmoil, the bullish strength in the short term has been almost completely exhausted. Therefore, BTC is likely to experience a significant correction soon.
A substantial correction may well be a precursor to the main players fleeing the market. If the bullish volume doesn't pick up in the near future, the bears will definitely intensify their selling pressure!
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