The Bitcoin price tumbles between support and resistance. Is Bitcoin’s correction finally over? A few days ago, the Bitcoin price was displaying a downward path and confirmed a bearish trend. The MACD was in a strong downward movement and the histogram was ticking lower. The BTC price tumbles between support and resistance. Is Bitcoin’s correction finally over?
Bitcoin price analysis- on Fib resistance!
Bitcoin found early support between $ 8,400 – $ 8,700. Since then, Bitcoin has attempted to break the 0.382 Fib level at $ 8971 but has so far been rejected. Now the Bitcoin price is on the way to test the Fib level a second time. If Bitcoin breaks the resistance at around $ 9000, the gates are open for a rise up to $ 9300 and then $ 9700.
The BTC price, as well as the RSI, make a “higher low”, which is positive. If Bitcoin breaks the resistances mentioned, it can touch the $11,200 mark not. Thus, our bullish price target remains unchanged at $ 11,200. In general, the bullish price targets can be divided into the following stages:
- $ 9,300 – $ 9,700
- $ 9,700 – $ 10,000
- $ 11,200
- $ 13,800
Bitcoin price analysis- support levels!
If the Bitcoin price is rejected again, it will find horizontal support at $8,400. BTC price falls below this level, it can touch the correction target of $7,800. This price level should absolutely hold so that Bitcoin’s medium-term trend remains bullish.
There was already a death cross in the 4H price, which is very bearish. However, this could change soon, after all, it is a 4H signal. In any case, the RSI is developing positively as it gains strength.
Bitcoin price analysis- bearish scenario!
If Bitcoin price maintains its bearish pattern then it will find its price targets in the following stages:
- ± $ 7,800
- ± $ 7,200
- ± $ 6,400
- ± $ 3,300
There is currently no reason to believe that the BTC price will maintain the bearish price pattern. Bearish price prospects only exist when a daily candle below $ 7,800 closes sustainably. Thus our target price of $ 11,200 is currently still intact.
Instant Crypto Credit Lines™ from only 5.9% APR. Earn up to 8% interest per year on your Stablecoins, USD, EUR & GBP. $100 million custodial insurance.
Follow us on Social Media and subscribe to our free crypto newsletter!
Diskutiere mit uns!
This post may contain promotional links that help us fund the site. When you click on the links, we receive a commission - but the prices do not change for you! :)
Disclaimer: The authors of this website may have invested in crypto currencies themselves. They are not financial advisors and only express their opinions. Anyone considering investing in crypto currencies should be well informed about these high-risk assets.
Trading with financial products, especially with CFDs involves a high level of risk and is therefore not suitable for security-conscious investors. CFDs are complex instruments and carry a high risk of losing money quickly through leverage. Be aware that most private Investors lose money, if they decide to trade CFDs. Any type of trading and speculation in financial products that can produce an unusually high return is also associated with increased risk to lose money. Note that past gains are no guarantee of positive results in the future.
You might also like
More from Bitcoin
After months of anxiety, the Bitcoin price is finally climbing like a rocket. Most of the cryptocurrencies are also performing well. The …