Bitcoin Correction Deepens – Traders Cautious As Downside Pressure Builds Further


Bitcoin value corrected good points and traded under the $124,000 degree. BTC is now struggling and would possibly proceed to maneuver down under $120,000.

  • Bitcoin began a draw back correction under the $123,200 degree.
  • The worth is buying and selling under $123,000 and the 100 hourly Easy shifting common.
  • There’s a bearish pattern line forming with resistance at $122,750 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair would possibly proceed to maneuver down if it trades under the $120,000 zone.

Bitcoin Worth Dips Additional

Bitcoin value failed to remain above the $125,000 zone and began a recent decline. BTC dipped under the $124,000 help to enter a short-term bearish zone.

The bears even pushed the worth under $121,200. A low was fashioned at $119,810 and the worth lately recovered some losses. There was a transfer towards the 50% Fib retracement degree of the current decline from the $123,750 swing excessive to the $119,810 low.

Nevertheless, the bears are nonetheless energetic close to $121,750. Bitcoin is now buying and selling under $121,500 and the 100 hourly Simple moving average. Moreover, there’s a bearish pattern line forming with resistance at $122,750 on the hourly chart of the BTC/USD pair.

Fast resistance on the upside is close to the $121,750 degree. The primary key resistance is close to the $122,250 degree and the 61.8% Fib retracement degree of the current decline from the $123,750 swing excessive to the $119,810 low.

Bitcoin Price
Supply: BTCUSD on TradingView.com

The following resistance could possibly be $122,750 and the pattern line. A detailed above the $122,750 resistance would possibly ship the worth additional larger. Within the said case, the worth may rise and take a look at the $123,500 resistance. Any extra good points would possibly ship the worth towards the $124,000 degree. The following barrier for the bulls could possibly be $125,500.

Extra Losses In BTC?

If Bitcoin fails to rise above the $122,750 resistance zone, it may begin a recent decline. Fast help is close to the $120,750 degree. The primary main help is close to the $120,000 degree.

The following help is now close to the $118,500 zone. Any extra losses would possibly ship the worth towards the $116,500 help within the close to time period. The primary help sits at $115,500, under which BTC would possibly wrestle to get better within the brief time period.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bearish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now under the 50 degree.

Main Assist Ranges – $120,750, adopted by $120,000.

Main Resistance Ranges – $122,750 and $123,500.



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