Cryptocurrency Market Correction: Will BTC See 75k or 150k This Round?
First
Reviewing the article I posted last week, $BTC has been consolidating around 82K for quite a while. It can be seen that Bitcoin has attempted to break through, but has not succeeded, indicating a sense of hesitation. It may not be ready yet and wants to drop a bit more to gather strength for a jump. If it drops this round, the lower expectation can be seen at the lowest point in this downward trend: 74,000 USD, with the decline continually making new lows, each low being lower than the previous one.
If it drops and does not go lower than the previous low of 76,000, then we can follow the one-two-three rule and wait for a daily breakout opportunity to go long. At any time, as long as we find a breakout upward after consolidating before the previous low, we can get a lower opening price and achieve a very high risk-reward ratio.
So currently, pay attention to two prices: 84,000 and 74,000. If it returns to the trendline near 84,000, we can see that since October 4th (as shown below), there have been three breakthrough tests but none have succeeded. However, things don’t happen in threes; usually, after such conditions form, the next time will be an upward breakout. But at the moment, Bitcoin has not made a breakout but has instead repeatedly consolidated near the trendline, which has been tested four times. Thus, we are very much looking forward to the fifth upward breakout. The above is the analysis of BTC at the daily level.