Bitcoin Price Technical Analysis – Still in Correction Mode!

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Bitcoin Price Key Highlights

  • Bitcoin cost is still offered off, relocating towards a 38.2% Fib or a $650 area as expected in the prior article.
  • Price appears to have found a bit of support during this area, combining a prolonged spike after a exam and still determining either to resume a stand or to make a incomparable pullback.
  • Technical indicators seem to be suggesting that a improvement is still distant from over.

Bitcoin cost is anticipating support during a 38.2% Fibonacci retracement turn though a incomparable pullback competence be due.

Technical Indicators Signals

The 100 SMA is above a 200 SMA so a longer-term uptrend is expected to lift on. The opening between a relocating averages is still slight though appears to be flourishing so bullish vigour competence be strengthening. In addition, a 100 SMA coincides with a rising trend line on a daily time frame, that competence reason as energetic support.

However, RSI is still indicating down, that means that sellers are in control for now. Stochastic is only creation a approach out of a overbought region, indicating a buildup in bearish momentum. In that case, bitcoin cost could pierce on to a subsequent area of seductiveness closer to a 61.8% Fib or $550.

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