BTCUSDT CORRECTION OR REVERSAL?
2024-12-20
Category: None

BTCUSDT CORRECTION OR REVERSAL?
Hello, colleagues!

So, what we have in the middle of the trading week:

Since the last review Bitcoin managed to rewrite its high once again and reached above 108K on the Bitstamp exchange.

Also yesterday was the Fed meeting, the decision of which was to lower the rate by another 25 basis points and followed by the traditional J. Powell conference, during and after which the shedding started in many markets.

#BTC

As for bitcoin specifically, the correction was asked for a long time ago and the asset corrected only by 9% from its high and this decline cannot be called unexpected. At the moment, BTC continues to stay in the trend and there is still room for the correction to continue at least to the upward support at $97-98K and we can't exclude the stabbing even lower, to the trading boundary at 94K. But, in general, from these values I expect a buyback and continuation of growth.

I expect such another near-term decline, mentioned above, within the framework of working out of the candlestick formation Absorption on 1D. For the first time in a long time the asset showed a strong bearish candle and just covered the gap for the last weekend on the CME exchange. In any case, a correction is necessary for any healthy market, whether bullish or bearish.

If we compare each post-halving cycle on the logarithmic chart of the 1Mes TF, we can see that the asset has continued to rise for at least another year. Therefore, there is every chance to continue rising until at least Spring 2025, or even Q4.
