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Matrixport: Accumulating Phase Pressure, Bitcoin's Correction May Continue
Summary: Matrixport released a chart today indicating that Bitcoin has fallen to the breakout range of $106,000-$108,000. In the latest 'Matrix on Target' report, a more conservative stance is taken, suggesting that this correction may continue. Seasonal weakness has been evident since the end of July, with accumulating phase pressure. This week, US employment data is ...
Matrixport released a chart today indicating that Bitcoin has fallen to the breakout range of $106,000-$108,000. In the latest 'Matrix on Target' report, a more conservative stance is taken, suggesting that this correction may continue. Seasonal weakness has been evident since the end of July, with accumulating phase pressure. This week, US employment data is set to be released, with Bitcoin at a crucial technical juncture. Further downside price movement may surprise many traders, but this risk should not be ignored. Historical experience shows that rate cuts are often seen as positive for the crypto market, but they are often accompanied by twists and turns.
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Link: Matrixport: Accumulating Phase Pressure, Bitcoin's Correction May Continue [Copy]
