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?
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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.