Bitcoin’s correction has finally started today, probably in reaction to Elon Musk that “BTC & ETH do seem high lol” over the weekend. The strong break of 52672 support and the near term channel confirms short term topping at 57529, on bearish divergence condition in H and 4H MACD.
Nevertheless, we’re not expecting a much deeper pull back. Strong support would likely be seen between 4 hour 55 EMA (now at 49179) and 38.2% retracement of 29283 to 57529 at 46739 to contain downside. Though, the consolidation would continue for a while in the near term, before another record run.
