Bitcoin Euphoria: Correction Ahead?
2024-12-17
Category: None

BamBooChain 🎋⛓️

Good morning, friends! Let's discuss the current market situation. After reaching a new all-time high of around $108,000, Bitcoin is showing signs of a potential correction.

Technically, we're in an interesting situation: the market has reached the extreme euphoria zone I mentioned earlier. RSI and MACD indicators are showing signs of divergence, which often precedes corrective movements.

Key points:

 
 Trading volumes are decreasing while price is rising, creating potential divergence
 Funding remains relatively neutral, indicating balanced positions
 Long-term holders aren't taking significant profits yet
 

Possible scenarios:

 
 Consolidation in the $100,000-108,000 range
 Correction to $88,000-92,000 levels (this would be a healthy 20% correction)
 

Regarding altcoins - they're showing relative weakness, and Bitcoin dominance is increasing. This is a typical pattern before a possible correction.

Recommendation: maintain protective stop orders and be prepared for a possible correction. However, the global trend remains bullish, and such a correction could become a good entry point for new positions.

 Stay tuned for updates!  🎋⛓️