On the first day of June, the SETUP used indicates a corrective bearish pivot on the long-term chart. Will we have a correction later on, so that the cryptocurrency finally breaks free and reaches new peaks?
When we analyze the impressive rise that the cryptocurrency has had in the last 16 months and trace just one Fibonacci retracement, we will see that the 50% region is around 44.6K.
In my opinion, a correction as soon as possible is completely healthy, as nothing goes up forever in a straight line without there being a correction at some point in the future.
Coming to the daily chart, we have prices on the verge of forming a corrective pivot, with enough strength to reach 44.5K, if prices do not remain above 69.6K.
The most interesting thing is to see that we have a confluence between the values provided by the Fibonacci retracement of the rise, in which 50% of this correction is at 44.6K, with the corrective pivot found on the daily chart, whose final destination has the potential to reach 44 .5K, as shown in the images above.
Can I trust what my eyes have just seen? To know for sure, unfortunately, I will have to live day by day.
Do your analysis and good business.
Be aware, if you buy, use stop loss.
See other graphical analyzes below.
When we analyze the impressive rise that the cryptocurrency has had in the last 16 months and trace just one Fibonacci retracement, we will see that the 50% region is around 44.6K.
In my opinion, a correction as soon as possible is completely healthy, as nothing goes up forever in a straight line without there being a correction at some point in the future.
Coming to the daily chart, we have prices on the verge of forming a corrective pivot, with enough strength to reach 44.5K, if prices do not remain above 69.6K.
The most interesting thing is to see that we have a confluence between the values provided by the Fibonacci retracement of the rise, in which 50% of this correction is at 44.6K, with the corrective pivot found on the daily chart, whose final destination has the potential to reach 44 .5K, as shown in the images above.
Can I trust what my eyes have just seen? To know for sure, unfortunately, I will have to live day by day.
Do your analysis and good business.
Be aware, if you buy, use stop loss.
See other graphical analyzes below.
