Bitcoin Correction Nears Peak Point — Is A Rebound Underway?
The Bitcoin market has suffered through a disappointing performance over the past few weeks, leading to a price retest of the $100,000 support zone. However, an exciting on-chain evaluation predicts a positive price action in the near future. Related Reading: Bitcoin May Launch Recovery To $120,000 If This Condition Holds – Details Bitcoin Price Below Average Cost — Details On November 8, popular market analyst Burak Kesmeci shared on X the underlying reasons behind his expectations of a bullish reversal. Kesmeci’s post mostly depends on the Bitcoin: 90-Day Market Price vs Realized....
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After a powerful growth impulse, Bitcoin has stopped within a short-term flat. Will the upward trend continue? Is the upward trend over? Bitcoin’s price has rebounded from a key resistance line of $518, which was identified earlier. The beginning of this flat tells us that a parity is establishing between the bulls and the bears. Consequently, the upward trend, which started at $440-50 is over, and now there is a rebound toward that entire movement. The Fibonacci level 61, the peak of the rebound, and the diagonal channel - all those instruments have formed the bottom limit of the....
Ethereum’s price is forming a downward correction toward the medium-term trend. The price is approaching a significant level, which may serve as the peak of that rebound. When will the rebound end? Until Ethereum’s price breaks through the level of $9.7, which we wrote about earlier, the entire downward movement will remain just a correction. Beyond $9.7, the movement will grow into something larger than the entire upward trend, which has started at $7. The exponential average and the large trading volumes at $9.7 serve as support levels for that medium-term upward trend. That’s why if the....
A rebound towards the upward trend continues. Will there be a trend on the weekend? What is the likely point of start of the new impulse? The minimal target of a rebound towards the whole upward movement which started at $403 has not been reached. There won’t be a full correction until we see one more downward wave. The $412 level is profitable for the bears, because it’s the “cheapest” price for further movement within the upward trend. That point will be the minimal target for a rebound.
Ethereum’s price is continuing its upward trend. Whether that short-term trend is a wave within a flat will be apparent after its structure is completely formed. What is the most likely scenario for a turn to decline? After fortifying at a key level of $10.4, Ethereum’s price has formed an upward impulse. The structure of the downward trend was broken at that point, and the downward movement was consequently a rebound. There is still a chance of the current upward trend turning out to be a wave within a flat. But for that to be true, the structure of the trend has to be disrupted. If a....
Bitcoin’s price is in a correction towards the downward trend. The most likely peak of that rebound is getting close. That means that soon a new development will be chosen by the market. At which mark is the price most likely to undergo a downward rebound? Bitcoin’s price has formed a short-term flat under a key resistance line. Whether the downward trend will continue or a turn to decline will form is dependent on the future reaction of the price at the key levels. The key resistance line has descended a little bit toward $455. Several significant instruments are intersecting at that....