๐ Does
$BTC need a correction?
After the strong momentum from $62.4K to $79.5K, Bitcoin shows a considerable extension, and the RSI on higher timeframes has reached extreme levels. Even though the trend is still bullish, a correction now would be technically healthy.
Using Fibonacci from $62.416 โ $79.575, the zones Iโm watching are:
๐น 23.6% โ $75.5K โ first support
๐น 38.2% โ $73.0K โ main target for a moderate correction
๐น 50% โ $71.0K โ key area
๐น 61.8% โ $69.0K โ deep correction and possible strong buy zone
๐ฏ My scenario: losing $75.5K would considerably increase the probability of testing $73K. If it also doesnโt hold that level, $71Kโ$69K would be the next logical range.
โ ๏ธ A correction doesnโt necessarily mean the bullish trend is over. After such a vertical move, it could simply mean unwinding overbought conditions, taking liquidity, and building a new base.
How far do you think BTC will retrace: $75.5K, $73K, or $69K? ๐
#BTC่ตฐๅฟๅๆ #bitcoin #fibonachi #BinanceSquare