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- Welcome Kevin_Lee to the Gate Square! 🎉
Looking forward to more great crypto insights from him.
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#BTC CHART ANALYSIS #
Consolidation (Horizontal Movement): When the price reaches a peak and then moves sideways within a certain range (e.g. around 107,000), it is usually interpreted as a consolidation period. Consolidation can be a period when the market is gathering energy for its next big move. This can result in both an upward breakout (continuation signal) and a downward breakout (retracement or trend reversal).
Pullback (Correction): Pullbacks (corrections) in uptrends are healthy and usually allow the price to take a breather, overheated indicators to cool down, and new buyers to enter the market. As you mentioned, the 101,000 - 102,000 levels can be a potential correction target supported by technical elements such as previous support levels or moving averages.