Topic: Correction from $30K: Reason to worry? - page 9. (Read 1057 times)

I will not be affected by this correction, so I will only consider it as short-term correction that will likely recover in the near future. The 1 Day and 4 Hour TF looks bearish, but we are still in an uptrend if we look at it from the 1 Month TF. So I personally wouldn't worry about this correction, it's just going to be very close to recovering and getting back to testing $30k.

Strong support now expected at $29k, but if this correction is followed by panic traders then I don't think $29k will be able to withstand the selling pressure. I hope there is no deeper correction, this should be resolved in the short term.

in the 4hr tf, the 28k could be a strong support that this price could bounce up to $32K which is a reason not to worry. for short-term trader though, its going to be a good time to sell.

it's after $32k that there will be the possibility of correction which $25k will be the support. because the correction is much longer when the market will be on overbought at the weekly chart.

With price dropping today from $30K to around $29K, are you worried there will be a deeper correction, or return to bear market, or is this just the short-term correction before re-testing $30K?

Many speculators anticipated rejection from $30K level, as this was previously support for 18 months in from 2021 to mid 2022 and could become strong resistance. Although so far (as of writing) we have only seen a -5% correction to $29K. Ultimately I think it's too early to tell if price will correct further to $25K, $23K or break the recent higher low of $20K. But nonetheless people have started to get concerned, hence this thread.

Some positives to consider:

• Price remains above all Daily moving averages (20,50,200) while above $29K, so far from bearish longer-term
• Price remains in a bull flag / upwards trend since mid March with short-term support level around $28.6K
• Price previously broke through $25K strong resistance that could well turn into new support
• The current sell-off isn't supported by strong volume, similar to the move to $30K initially

These are just a few factors that come to mind. While short-term (1hr/4hr) price can be seen as bearish, it remains bullish on the Daily time-frame and still reversing the bearish trend on Weekly/Monthly time-frames.

Personally I think $28K level is likely to act as strong support, due to the 3 weeks of consolidation/accumulation that occurred recently. Otherwise below this level I think a re-test of the 200 WMA around $26K, as well as $25K becomes increasingly likely. The 200 Day MA however continues to rise from $20K, now above $21K, with major consolidation/accumulation zone currently priced at around $23K.