In my most recent BTC analysis I wrote about the pending break out of this bullish channel.
Bitcoin indeed broke out, reached 38.000$, but reversed quickly. Leveraged trades reached a climax after Ethereum's ETF announcement, which gave traders a reason to sell the breakout and buy the correction.
Most alts corrected around 20% at the lows, which is healthy correction after this kind of run-up.
My short-term view is still bullish. Bitcoin is likely to break out through this channel in the near future. This time, on lower leverage with a more "natural" move instead of a big spike.
Exciting times for crypto.
Bitcoin indeed broke out, reached 38.000$, but reversed quickly. Leveraged trades reached a climax after Ethereum's ETF announcement, which gave traders a reason to sell the breakout and buy the correction.
Most alts corrected around 20% at the lows, which is healthy correction after this kind of run-up.
My short-term view is still bullish. Bitcoin is likely to break out through this channel in the near future. This time, on lower leverage with a more "natural" move instead of a big spike.
Exciting times for crypto.
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