Now, when BTC tapped origin of supply, I’d expect it to pull back, my zones of interest are $3,675 – $3,725.
If you were looking to short, this is the closest point to invalidation (stop above that wick), if this was it – price has no business going above it, therefore clear invalidation place for you.
But, the near-term minor correction of Bitcoin could positively affect the trend of the crypto market in the weeks to come as it will provide more stability and a strong ground to initiate short-term rallies.
Seems like that they have had this one spot on.
In recent days there has been a trend reversal of sorts, but to be quite frank, I don't think that the main stage of the recovery is anywhere near us right now if you look at the trends in previous bear markets and how long they've lasted. I understand that they won't provide an 100% accurate image at all of this current bear market, but since bitcoin moves in distinct cycles of around 4 years (halvings), it will provide a rough guideline.
There has been a lot of FOMO that has sparked this current rally, which led to the significant increases in price of BTC which imo was unsustainable in the short term. Thus, an adjustment was inevitable even though it seemed for a while that we've entered a phase of bullishness. This dip honestly provides quite an interesting buying point that I think traders should take, imo.
