Analytics: market outlook and forecasts* 💎

📈 WHAT HAPPENED?

Last week, after updating the historical maximum, Bitcoin went into correction for the first time, after which it went sideways.

At the moment, the $117,300.00 – $116,300.00 zone has been retested (strong absorption of sales) and an active reaction from buyers has been received.

Within the current flat, the cumulative delta supports buyers, indicating the absorption of market sales. At the same time, the global wave structure on the 4H chart casts doubt on the last wave of buys, as we’ve rapidly adjusted back to its beginning.

💼 WHAT WILL HAPPEN: OR NOT?

We expect to exit the sideways at $116,000.00 – $121,000.00 in an upward direction from the current levels, either through capturing liquidity and testing the pushing volume zone at $115,000.00.

The target is the last ATH, which is $123,200.00. A re-correction is possible near $123,200.00, resulting in a wider flat range of $123,200.00 to $115,000.00. If there is a true breakout, we can expect the continuation of the global long trend.