Price Analysis

Bitcoin Corrects Above the Steep Low Price and Appears Bullish

  • Bitcoin (BTC), at the time of penning down, was seen accumulating below 38.20% Fib Level and above the weekly low at $9,580.20
  • BTC/USD lacks support from the 200-day daily MA while the 50-day MA is providing an immediate support
  • This time the correction below $10,000 has led the coin to test supports as low as $9,200 as it nosedived steeply within a few minutes
  • The current market for BTC is not projecting any haphazard volatility in the upcoming days

This week Bitcoin price faces rejection above $10,300 as it crashed to $9,200 in no time, marking a regression of over 10%. The “golden crossover” that was anticipated to bring bullish divergence has started with a notable pullback. We do not consider this as an onset of the bear market because the technical indicators appear bullish.

Bitcoin Price Analysis

Bitcoin (BTC) Price News
BTC/USD Chart By TradingView

Analyzing the intraday movement of BTC/USD on Coinbase, we see that that the coin has faced an unpredictable, volatile fall and test support around $9,200. The intraday positive correction taking place today has led the Bitcoin to trade around $9,500 and that is the reason the technicals appear bullish. With this, the price trend is slightly below 38.20% Fib Retracement level and awaits a push to have a persistent trade above $10,000, followed by $10,500 and beyond.

Bitcoin has been performing well since the start of the year 2020 and the two events, i.e.,

have been the major pushes to turn an anguished trade into gaining impressive positions. However, now there is no specific reason for a price correction as we believed a strong rally to happen, and therefore, we believe this to be a temporary pullback. Also, the altcoins have turned red and have reported notable dips over the past 24 hours.

Technical Indicators:

Bitcoin News

The technicals appear bullish as the intraday corrections have lured the BTC whales, and the MACD line crosses above the signal line.

While the RSI of the coin is at 47.68 and has risen above the selling pressure with no trading extremities at present.

Tags

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

Related Articles

Back to top button
Close