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BTC/USD - Bitcoin Corrects But All Daily Zones Remain Intact

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Direct from the desk of Dane Williams, exclusive to leofinance.io


Key Takeaways:

  • Bitcoin remains above higher time frame support/resistance zone.
  • Higher time frame bullish trend remains intact.
  • Nothing about the correction says we should change our bias from only taking long trades.


Bitcoin Technical Analysis

Did you guys see the LeoFinance community's good friend @edicted's latest market watch babyrage blog post?

Babyrage, lolz.

Well that word pretty much summed up market sentiment across not only our community, but the wider finance community on social media too.

Twitter went into absolute meltdown, talking huge percentage corrections, liquidation numbers and even dropping the dreaded statement of... a bear market.

Oooooooo!

Umm okay lads.

But have any of you actually looked at the charts?

Here's the Bitcoin daily chart that I shared in a comment on the babyrage blog I've linked to at the top.

BTC/USD Daily:

As you can see, we've got a quick little drop there.

BUT...

With not even a single daily support/resistance zone being broken, this entire correction is nothing but noise.

After posting how ridiculous the Bitcoin monthly chart looks right now, we all expected a correction.

It's going to come and it's going to be healthy.

Even if it does break through one or even a few of the higher time frame resistance zones that have formed on the way up.

But the fact that within this correction, literally the first zone that price came to was held, is UBER bullish for mine.

UBER BULLISH!

Everyone melting down needs to take a chill pill and calm down.

The times we live in huh.

Best of probabilities to you.



Data to Watch:

  • Not applicable on decentralised cryptocurrency markets.


Why not leave a comment and share a chart of your own in the comments section below? All comments that add something to the discussion will be upvoted.

This daily market analysis blog is exclusive to leofinance.io.

Posted Using LeoFinance Beta