Bitcoin & Kaspa: Correction Dynamics
2024-11-04

With some variations, the bigger structure is the same. Marketwide action.

I already mentioned Ethereum many times but people are not very friendly with Ethereum lately so we will forget about that one. I am talking about supporting evidence that Bitcoin is likely to move lower.

The fact that Ethereum is already down in hell is one of such proofs/evidence, but as I said, we will ignore Ethereum and this leads to Kaspa.

We already had an amazing SHORT with this pair and I thank you for your support, but we are more interested now in price dynamics.

August was a major event and KASUSDT is already trading below August's low.
KASUSDT is trading at the same level it traded around 29-April, for Bitcoin this would mean 56K. 56K is an easy target to be honest.

Trading volume this week is the highest since 5-August. This means that the bearish move is not over.

If we consider the start of the bullish wave for Kaspa being May 2023, current price action is happening just below the 0.5 Fib. retracement level. The fact that the weekly session closed below this level and not above it is extremely bearish. Strong corrections tend to end below 0.786.

Kaspa grew 41,483% from a low in September 2022.
If we start counting from the October 2022 low, since the first day can be tricky, we would still have 15,893% total growth in a period of 651 days. It wouldn't be surprising to see an extended correction. Marketwide action.

👉 If Kaspa is set to continue lower Bitcoin is going lower.

Thank you for reading.

Namaste.