3 days ago I waited for this local correction. As you can see the lowest point of BTC price was exactly at the Fibonacci golden pocket ($44500). I told that you can open long here. I have not done it because I am testing my reversal trading strategy. I am waiting for the short signal.
What is next? I have no doubt we will see the new local higher high at the Fibonacci golden pocket – it is the standard target for the 0.618 Fibonacci bounce. I am waiting for $49000-50000 for the Bitcoin price. There will be formed the potential bearish divergence with MACD. I noticed that last year the tops on the BTC charts are usually forming as the double tops. That’s why the whales need to more distribution. The new higher high will hit all short positions stop losses. I want you to see that the selling pressure now became stronger than buying pressure (red square). That’s why I think that the current uptrend is weak and we will se the drop soon.