BTC – Weekly time for BINANCE:BTCUSDT by javid67

In the weekly timeframe , after the start of a great trend, we gradually saw the size of candlesticks become smaller and also the volume of transactions decreased, which was the first sign to start bitcoin correction.

The Doji Candle closed last week after reaching the $ 50,000 channel, which could be another sign of correction.

The Ichimoku Cloud Tenkan sen line is flat, which can be considered as another sign to end the uptrend.

The peaks of Ichimoku cloud are descending, which is another sign of the beginning of a correction in the market

In the Williams Indicator, we have reached the buying saturation zone, which will be another sign of market correction, Which can be expected to go down the -40 line

In the time frame of 4 hours, with each ascending wave, we saw that wave shorter than the previous wave until the rsi indicator gave a negative divergence.

Currently, support for the Ichimoku Cloud Kijun sen line at 46,800 has prevented further price correction

Also, by drawing a corrective Fibonacci, if a correction occurs, the price can drop to 0.5 Fibonacci, which ranges from $ 40 ,000 to $ 41,000.

It seems that Kijun sen Ichimoku will soon lose support and the Candle will move to Tenkan sen .

In that area, we see very credible support points, such as:

Tenkan sen

20-day average
Ichimoku cloud roof

District 0.5 Fibonacci


The general trend is still bullish , and if the above scenario happens, we will only see a correction in the market, not a FALL.

These are all hypotheses and should not be your criteria for doing business

At any moment, the market may be pumped with great news or it may lose all its support with bad news

Deal with your own strategy

Good luck

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