Bitcoin rose for five straight days after starting its latest upswing on Aug. 17, then moved into a correction phase on Aug. 22, according to comments cited by ChainCatcher from market watcher JackYi. He said the pullback is expected to last about 19 days.
JackYi described the move as a normal upward-sloping correction within a broader advance, with a trading range of about $6,000 and resistance near 823. He added that a bull market does not move in a straight line and that conditions keep shifting, so shorting is not appropriate during a broader bull trend. He also said traders should keep an eye on daily-chart adjustments.
Beyond the broader market, JackYi pointed to localized bullish signs in RH on-chain activity, ZEC, and exchange-traded tokens. In his view, current market conditions are close to the period just before the strong bull market seen in 2020.
Bitcoin posted five consecutive days of gains after beginning its latest advance on Aug. 17, and entered a correction phase on Aug. 22 with the adjustment cycle likely to last about 19 days, according to ChainCatcher, citing JackYi.
Range and resistance
JackYi said this stage should be seen as a normal upward-sloping correction within a broader uptrend. He put the width of the range at about $6,000 and said resistance is near 823.
How he reads the market
He said a bull market does not rise in a straight line and that price action keeps changing. In that context, he argued that shorting is not appropriate during a bull trend, while daily-chart corrections still need close attention.
Other areas showing strength
Apart from the broader market, JackYi said RH on-chain activity, ZEC, and exchange-traded tokens have recently shown signs of localized bull-market action. He added that the market is in a state close to the period before the strong bull run in 2020.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
