Bitcoin Price Watch: BTC/USD Short-term Correction Underway

Key Factors

  • Bitcoin worth topped close to the $eight,500 stage and began a draw back correction in opposition to the US Greenback.
  • Yesterday’s highlighted key connecting bullish pattern line was breached with assist at $eight,190 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair is at the moment correcting decrease, but it surely stays properly supported close to the $eight,100 and $eight,000 ranges.

Bitcoin worth is dealing with a minor promoting stress under $eight,500 in opposition to the US Greenback. BTC/USD should keep above $eight,000 to keep away from an prolonged correction.

Bitcoin Price Evaluation

Yesterday, we noticed a pleasant upward transfer in the direction of $eight,500 in bitcoin worth in opposition to the US Greenback. The BTC/USD pair traded as excessive as $eight,496 earlier than beginning a downward correction. The worth declined and moved under the $eight,300 assist space. There was additionally a break under the 23.6% Fib retracement stage of the final wave from the $7,600 low to $eight,496 excessive.

Through the decline, yesterday’s highlighted key connecting bullish pattern line was breached with assist at $eight,190 on the hourly chart of the BTC/USD pair. The pair additionally broke the $eight,200 assist and traded near $eight,zero50. Nevertheless, the worth stays properly bid above the $eight,000 assist. Furthermore, the 50% Fib retracement stage of the final wave from the $7,600 low to $eight,496 excessive was additionally intact. The worth recovered, however upsides have been capped by the $eight,300 resistance and a bearish pattern line on the identical chart. In the mean time, the worth is consolidating under the $eight,300 stage. A break above the pattern line resistance is required for a contemporary upward transfer.

Wanting on the chart, the worth appears to be struggling above $eight,300. Due to this fact, there’s a danger of extra declines in the direction of $eight,000 earlier than the worth completes the present correction wave. Above $eight,300, the worth will most probably revisit $eight,500.

Wanting on the technical indicators:

Hourly MACD – The MACD for BTC/USD is generally flat within the bearish zone.

Hourly RSI (Relative Power Index) – The RSI is at the moment shifting near the 50 stage with no bullish signal.

Main Help Degree – $eight,zero50

Main Resistance Degree – $eight,300

About Tom Greenly

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