Bitcoin Price Technical Analysis – Still in Correction Mode!

Bitcoin Price Key Highlights

  • Bitcoin price is still selling off, moving towards the 38.2% Fib or the $650 area as predicted in the previous article.
  • Price appears to have found a bit of support at this area, forming a long spike after the test and still deciding whether to resume the climb or to make a larger pullback.
  • Technical indicators appear to be suggesting that the correction is still far from over.

Bitcoin price is finding support at the 38.2% Fibonacci retracement level but a larger pullback might be due.

Technical Indicators Signals

The 100 SMA is above the 200 SMA so the longer-term uptrend is likely to carry on. The gap between the moving averages is still narrow but appears to be growing so bullish pressure might be strengthening. In addition, the 100 SMA coincides with the rising trend line on the daily time frame, which might hold as dynamic support.

However, RSI is still pointing down, which means that sellers are in control for now. Stochastic is just making its way out of the overbought region, indicating a buildup in bearish momentum. In that case, bitcoin price could move on to the next area of interest closer to the 61.8% Fib or $550.

Read more ... source: TheBitcoinNews