The last bullish push up ended exactly on the fib level-0.27, indicating that there might be a correction of the bullish to be expected.
After the prior bullish impuls (09/2023 -> 03/2024) the corrective phase created the basis of an inverse head and shoulder pattern, putting the shoulderlevel at 2.513 $. This level remains untested. If we pull the Fibonacci retracement of the last bullish impulse, we see the confluence of the shoulderlevel with the fib 0.786.
This first bearish corrective move of the last two months could be the first leg of a larger ABC-correction. If we pull the Fibonacci retracement of this bearish move, there is a confluence between the shoulder level and the -1 correction (-1 correction can be reached in a more volatile environment such as crypto is)
Conclusion : we can see a bullish push up, even printing a new ATH, putting down the B-level. But we still have to remain cautious and aware that a correction towards the shoulderlevel remains possible.
