A local correction is developing in the crypto market, which we have been discussing in recent days. Today, according to #P73Signals, 19 assets from the TOP-200 have already transitioned into a stable downtrend even on the 4-hour time frame.
Not top-tier, but it seems that this is just the beginning.
BTC - since the night in a downtrend on the 2-hour time frame, although already with signs of a potential low. But as long as the price is below the EMA 50 of this time frame, which is currently at $108,036 - we are heading towards the extreme base target of $106,402.
It was broken with a retest. So it is very likely - we are heading to the area of the named third base target, near which both the trendline with ATH and EMA 200 of this time frame are located. We will discuss the details of the possible correction targets separately.
And for now, regarding the current decline - all this is a vivid example of the fact that news is merely a background or, at best, a trigger for market movements. Yesterday, after the news about the upcoming trade deal between the USA and China, we wrote:
«… yesterday-today - mass signals of correction on the 12-hour time frame, so the expectation of a pump on this news somehow does not align with the technical picture of the crypto market.»
There is no pump, there is a correction. Some may say that against the backdrop of another escalation in the Middle East between Israel and Iran. But the signals for correction were already two days ago, before this topic was brought up, here on June 10 at an exchange rate of $109,046 we wrote about signs of weakness in Bitcoin. Moreover, on both June 10 and 11, we wrote about signs of weakness in altcoins.
