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Will Bitcoin correct, which 2 levels are very critical?
Will Bitcoin going from 51K to 74K give you the opportunity to buy?
Technically, many indicators point to a decline in LTF.
In every possible correction in Bitcoin, which has recently renewed its ATH, my personal strategy will be to buy. The reason is the interest rate cut process that awaits us in the global economy and the bull cycle supported by Spot ETFs.
1- Pi Cycle Top: will history repeat itself?
The on-chain data you've been following most closely since 2022 is Pi Cycle Top.
When we examine the past bull cycles, Bitcoin failed to break through the green trend (350 DMAx2), which you can see on the chart, in a single try. This time, however, Spot ETFs are on the scene. For this reason, I will closely monitor the WEEKLY closes above and below this level, which is currently 69600.
2- Technical Data
Let's take a look at the LTF (short term) technical data.
FRVP VAH (high uptake zone) points to the 68K level. If the bulls can defend the 68000 - 69600 area, they can fend off this correction before it gets too deep. However, our heavy trading level below is 61818, pullbacks up to here are healthy.
Although the momentum is weakening, it is still in the green zone and the RSI is below 50 points (we want above 50 points for the upward movement to continue) selling pressure is likely to continue.
3- NVT Golden Cross
Finally, let's examine another on-chain data, NVT GC.
Looking at the NVT GC data, it is heading towards the oversold zone of -1.6. This data can help us find local bottoms (regionally).
✅Result
There will be no Spot ETF inflows over the weekend, so whales will have a say in the market.
It is useful not to ignore what I mentioned in the previous sentence. As a result, in an instrument that is technically going from 51 to 74, a pullback up to half of this rally is quite healthy. But will the Spot ETF side and whales allow it? No one can know.
By evaluating the above data, we should create our own strategy and stick to it.
The bull came.
Thank you 🙏 for reading
#Bitcoin