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BTC Correction: Over or Just the Beginning?

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BTC Correction: Over or Just the Beginning? 👉https://t.me/CryptoVantage_HQ👉https://twitter.com/CryptoVantageHQ

Looks like $BTC is due for a correction down to maybe $61,900-$62,000. I've opened a new scalp short position here with a very tight stop-loss (SL).

Let's see how it plays out.



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I've seen numerous posts discussing , , and , each with various price targets, causing concern among investors about whether these targets will be met, or if we'll even witness a bull run.

I'd like to echo the sentiment: "Do not concern yourself with what the market will do; instead, focus on how you will react to it."

Consider this:

👉Will you sell or react if we see $BTC at $90,000?
👉Will you hold your investments if there's no bull market, believing it's just a deeper correction, only to find out later that we've entered a bear market?

Personally, I believe we're likely to see $BTC hit around $90,000 or thereabouts, but regardless of what the market does, the key is how you react.

Focus on your strategy:

👉Know your invalidation levels for $BTC and your altcoins. This is crucial in case the market takes a turn for the worse.
👉Avoid greed during the euphoria phase. Have an exit strategy when the market is overly optimistic.

Have a plan and stick to it.

Many lose their composure in trading because:

👉They lack a structured plan.
👉They don't keep a trading journal to review their decisions.
👉They view trading as gambling rather than a disciplined endeavor.

Believe me, if you invest effort, develop a winning strategy, and maintain discipline, there's no reason you shouldn't succeed as a trader. Your mindset must evolve for your circumstances to improve.

faces some formidable resistance that must be overcome to achieve higher prices:

👉21-Week EMA
👉Horizontal Resistance on the Weekly Chart
👉200 EMA on the 4-hour Chart
👉Death Cross on the Daily Chart

Regarding the Death Cross, I personally believe it will be inconsequential, especially as this is the first time we’ve seen a Death Cross post-halving. However, if I’m mistaken and we do see a deeper correction, 44K will be the next target if we lose 49K, though the likelihood of this scenario remains low at present.

Additionally, the Fear & Greed Index has completely reset, and we’ve witnessed the largest liquidations since the FTX collapse. All of this suggests a positive outlook for continued upside on the HTF. That said, it’s important that we do not see fear rapidly turn to greed over 2-3 days, as it did in July, which led to another crash. Ideally, we want a slow and steady ascent.

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I have observed an intriguing pattern on the and charts. $BTC retested the weekly demand zone precisely as

indicated, bouncing back significantly. In contrast, $ETH wicked into the HTF demand zone, but BTC front ran it.

This suggests to me that we might see a faster recovery in BTC compared to ETH, as evidenced by today’s close above the support level. This is just my analysis, and I could be wrong.

Additionally, I do not anticipate a V-shaped recovery immediately. Typically, after a substantial move to the upside or downside, a range is formed, which is what I expect now. I foresee a range between 50K-56K before we eventually break out and send prices higher.

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Update & Liquidation Heatmaps:

$BTC - As previously mentioned, we lost the key level at 63,800 and subsequently dropped to our target of 60K-61K. A loss of this level on the daily will likely send us back to 56K. However, if we manage to hold, bounce, and regain 63,800 before the weekly close, prospects will start to look favorable again. Additionally, we have also lost the 21EMA on the weekly chart, which sits at 62,200, coinciding with the trigger we need to surpass on both the 1-hour and 4-hour charts.

Triggers/Levels:

👉On the 1-hour chart, we need to regain 62,400-63K to target 63,800-64,500. If this is a deviation below 62,400 to grab liquidity, we need to quickly regain 62,400 to target 63,500-63,800, which is our key level to reclaim.

👉On the 4-hour chart, the trigger remains the same.

👉On the daily chart, we need to reclaim 63,500.

Note: There is something about this down move that doesn't feel right. So, as always, let's play it by ear. Whilst I am usually very confident in my analysis, this is a time to let the markets settle before jumping into trades.

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July 2024 trading outputs..

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- I did mention to watch for a rejection at 67K (Mid range of the HTF, 4hr EMA 50 & diagonal blue trendline), which could lead to 65K. If 65K is lost, 63,800 is the next key support level which is where we're at currently. This scenario was outlined in my yesterday's $BTC update (check the quoted tweet). 🤝

A detailed update is coming at the usual time. Keep an eye out as I will outline the potential next moves for BTC.

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- Running this back again after a remarkable 66% bounce. It has now retraced, potentially forming a HL.

Targets: 2.7 - 3.3 - 3.9 - 4.8. Invalidation remains the same.

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Liquidation Update:

In the past 24 hours $248.93M has been liquidated:

$216.60M in longs
$32.35M in shorts

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Update & Liquidations Heatmaps:

$BTC has seen a significant weekly close just above our mid-range at 67K within our HTF range, flipping it into support. Things are looking very promising for BTC and cryptocurrencies on the HTF, with BTC closing the week above the Bull Market Support Band after dropping below it in June, which is a sign of strength.

We now face a major resistance at 69K, a significant level as it was the previous cycle's top. Should we surpass this level, the next targets are 70K-72K, followed by a potential new ATH

On the LTF, however, we are showing a bit of weakness with bearish patterns.

Key triggers/levels to monitor are:

👉On the 1-hour and 4-hour charts, we need to sustain above 66K. Losing this level will likely result in a decline to 64,400-65,400.
👉On the daily chart, we need to hold above 63,500.

Note: Also watch the 67,400 level. A drop below this level will be the first indication that a local top is in, and we might see a pullback for 24-48 hours to the 64,400-65,400 range.

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&

Doesn't this structure look similar? While I don't typically subscribe to fractals, this is quite intriguing. Observe the striking similarities: BTC saw a slow distribution followed by a sharp decline before bottoming out, and now ETH has seen that sharp decline.

Will it result in a similar upward move? That remains to be seen.

Again, this isn't something I generally rely on, but I found it interesting and thought I'd share

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