Is A Bitcoin Correction Imminent? | Crypto Market Analysis

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tboswell
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#bitcoin #crypto #cryptocurrencies
I explain why a Bitcoin correction could be imminent. Step by Step.

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Here’s a breakdown of why a correction for Bitcoin could be imminent. I also share my analysis about Ethereum, Litecoin, Chainlink, and Tezos. Bitcoin has rallied into the $7250 resistance for six weeks straight. FOMO wicks into this resistance have been getting shorter which demonstrates a certain market psychology that extreme emotion at these levels is dissipating.

But it is this extreme FOMO emotion that is exactly needed to press price up to higher levels. If this extreme emotion is lacking now, how high are the chances for a breakout to higher price levels going forward? If we invert the Bitcoin price chart, we’ll notice very intriguing elements about BTCUSD price action which I describe in the video.

Ethereum’s and Litecoin’s price action is very much dependent on Bitcoin’s movement going forward. If Bitcoin continues to hover below resistance, this will encourage a sense of security which could easily translate into risk-seeking behaviour, similar to that which we’ve seen over the past week or so. ETHUSD and LTCUSD have interesting technical positioning and could perform very well should Bitcoin maintain these highs.

That said, Altcoins like Chainlink and Tezos seems to be near the peak of their rallies. Should Bitcoin fall, this over exhaustion in smaller Altcoins will result in corrections.

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