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Bitcoin: correction finally underway?
How far will it fall? It's been a long time coming, but we may have finally seen that we're moving into correction territory. Heavy selling earlier in the week saw Bitcoin break well below $44,000 - and the 200/223 period SMA band on the 4-hour chart - before breaking almost to $40,000 on Tuesday. BTC/USD daily and 4-hour chart A small correction (sell-off) saw the cryptocurrency test the previous support level from below (approximately the support itself is not clear) before rotating lower again. This serves as confirmation of the initial breakout and is a very bearish signal. It moves...
Bitcoin: correction finally underway?
How far will it fall?
It's been a long time coming, but we may have finally seen that we're moving into correction territory.
Heavy selling earlier in the week saw Bitcoin break well below $44,000 - and the 200/223 period SMA band on the 4-hour chart - before breaking almost to $40,000 on Tuesday.
A small correction (of the sell-off) caused the cryptocurrency to test the previous support level from below (approximately the support itself is not clear) before rotating lower again. This serves as confirmation of the initial breakout and is a very bearish signal.
It is now heading back towards $40,000, a level that suddenly looks very vulnerable. A break of this is not only a psychological blow, but also breaks the 200/233 day SMA band, a very bearish signal.
A decent correction could be in store with a move below $44,000 also breaking the neckline of the head and shoulders.
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