Overall, I am macro bullish, but bearish near-term as we've not had a significant correction since the bull trend resumed off of the summer's range lows.
Thesis for correction
I am currently long but am being cautious and preparing for a 15-30% correction within the near term. I'd prefer to revisit ~35K, ~$40K minimum, prior to challenging ATHs. The larger the trend continues without a strong corrective move, the larger the relative correction will be in the future.
This is of course my opinion and not financial advice. Do your owner research.
Thesis for correction
- Bearish Technicals: ascending narrowing wedge,'overbought' HTF RSI levels, and summer mid-range highs were never swept
- Market Sentiment: Moon bois have returned. Perfect opportunity to trap late arriving bulls
I am currently long but am being cautious and preparing for a 15-30% correction within the near term. I'd prefer to revisit ~35K, ~$40K minimum, prior to challenging ATHs. The larger the trend continues without a strong corrective move, the larger the relative correction will be in the future.
This is of course my opinion and not financial advice. Do your owner research.
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ascending narrowing wedge was invalidated as price action looks to be confined to an ascending channel.