February 3, 2023

mazeltogether

mazeltogether

Bitcoin. The correction continues, but the upward pressure is increasing

 

Upward pressure is increasing against the background of the ongoing medium-term correction.

Again, we repeat that the goals of this correction at the level of 40026 have been realized, and with excess. Moreover, the market also tested the lower limits of the long-term (support level 34972) and main (support level 37148) channels.trends, forming a new low at the level of 29927, which is interpreted as technical support for a short-term trend within the SWT method.

As a working forecast, we have adopted a market recovery scenario from a fairly wide support cluster zone of 29927-34972-37148-40026, and the cancellation or suspension of this scenario will be a breakthrough of the support level of 29927.

The market makes another attempt to go up, and this attempt

Unlike the previous ones, goes against the background of an upward reversal of the short-term trend, which translates into the category of actual targets at the level of 50804 and confirms the possibility of breaking the upper limit of the trend channel of the weekly cycle: 29927-43402.

The main trend remains upward, while the long-term downward medium-term correction continues with signs of recovery in growth.The short—term — a cornflower-colored wave on the daily scale chart – has moved to the area of positive values and keeps moving up.

We continue to adhere to the growth scenario, and pullbacks within the confidence interval of the lower boundary of the daily trend channel (marked with arrows on the chart) do not violate or destroy this scenario.

A break down of the confidence interval of the daily trend channel also does not destroy the bitcoin growth scenario, but only suspends its implementation.

The destruction of the growth scenario is a downward reversal of the short—term trend with a breakout of short-term support at the level of 29927.