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Issue #38 overview:
Is a more meaningful Bitcoin correction beginning?
What to expect when BTC does correct
Prepare to stomach extreme volatility
Why aren’t altcoins following BTC higher?
Solana looks ready for another leg up
Wave counts for Bitcoin and FET
Final Fibonacci top target for Bitcoin
The dollar’s last line of support & Silver set to shine
Last issue, Bitcoin set a new all-time high and then saw a nearly 10% correction. Following its publication, BTCUSD shot up higher to set yet another high, nearly touching $74,000. And now it’s down again another 11%. Each move causes widespread fear and calls for deeper correction. After such a dramatic ascent, everyone can sense a setback is coming. Let’s consider what that might look like in Bitcoin and altcoins.
Bitcoin continues to follow fractal price behavior yet at double the timescale. One sign that a larger correction has begun, is if the 2D RSI falls below 70 on a closing basis. The momentum indicator looks to be headed there, but another move up isn’t out of the question before this happens.
A deeper correction in BTCUSD could retrace as far as 30 to 38%. In 2021, Bitcoin had a sharp correction and fell by 31%. If you recall the price action in mid-2023, it could be consider "flat, sideways price action” with mere 20% corrections. Sideways/flat corrections always alternate with sharp corrections, so this suggests we have something bigger coming ahead.
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