Every time BTC's price moves up, I see posts declaring the correction is over, then the price dumps the other way.
While BTC's price is moving upwards and we can confirm this movement in the hourly chart where the 50 and 200 SMA have crossed over and moved under price, in the higher time frames it's a different story.
In the daily timeframe BTC is still caught in a channel.
For the correction to be over BTC needs to break the upper trend line of that channel, (denoted by the thick blue line).
For the moment it is moving towards the 11.4K USD price level or 0.382 on the Fibonacci level.
While BTC's price is moving upwards and we can confirm this movement in the hourly chart where the 50 and 200 SMA have crossed over and moved under price, in the higher time frames it's a different story.
In the daily timeframe BTC is still caught in a channel.
For the correction to be over BTC needs to break the upper trend line of that channel, (denoted by the thick blue line).
For the moment it is moving towards the 11.4K USD price level or 0.382 on the Fibonacci level.