A Slight Retreat Can Be Seen in Bitcoin Price

I think that a new long-term trend has started in the price of bitcoin. However, we will continue to see correction trends in the trend. This is where one of these correction waves can start. Let's see what the correction signals are now.

• As you can see in the chart below, the price trend has progressed into a five-wave structure. If the last wave does not grow longer, it is expected that prices will begin to correction wave.

• The inconsistency between the MACD indicator and the price of Bitcoin is noteworthy. This signal may be indicative of the corrective action that may start at the price.

• It is generally expected that the corrective action will be down to at least 38.2% fibonacci support after the break of the canal trend. This level is 9500 USD.

• After the correction, I think that the price of Bitcoin will continue to rise again.

• The wave marked as five is the first rising wave. and the third bullish wave is expected to begin after correction.

• Generally, third waves are the strongest and longest waves. So the next target for the next wave can range from 17,000 to 20,000 USD