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Bitcoin price: Indicators point to possible correction - How low can BTC fall?
According to the indicators, the Bitcoin price could undergo a correction. Currently, the price is in a parallel upward channel instead of forming a bull flag. The Relative Strength Index (RSI) shows a bearish divergence on the daily chart. Furthermore, the MACD lines have already crossed bearishly and the MACD histogram has been ticking bearish for several days. Based on these signals, Bitcoin could now undergo a correction towards the Fibonacci supports at around USD 29,140 and USD 27,450 respectively. The 50-day EMA at around $29,250 could also act as additional support, while the 200-day EMA at around $26,570 could provide support. Despite the short-term...
Bitcoin price: Indicators point to possible correction - How low can BTC fall?
According to the indicators, the Bitcoin price could undergo a correction. Currently, the price is in a parallel upward channel instead of forming a bull flag. The Relative Strength Index (RSI) shows a bearish divergence on the daily chart. Furthermore, the MACD lines have already crossed bearishly and the MACD histogram has been ticking bearish for several days.
Based on these signals, Bitcoin could now undergo a correction towards the Fibonacci supports at around USD 29,140 and USD 27,450 respectively. The 50-day EMA at around $29,250 could also act as additional support, while the 200-day EMA at around $26,570 could provide support.
Despite the short-term bearish outlook, the trend remains bullishly confirmed in the long term by the Golden Crossover of the Exponential Moving Averages (EMAs).
In the 4-hour chart, the golden crossover of the EMAs is also intact, confirming the bullish trend in the short term. The MACD histogram is currently ticking higher and the MACD lines are about to cross bullishly. The Bitcoin price may already bounce off the 0.382 Fibonacci support at around USD 29,140 and continue its upward trend.
As long as the Bitcoin price stays above the golden ratio support at around USD 21,200, the uptrend remains intact. In addition, Bitcoin has already found significant support at around USD 25,575. There is also a golden crossover in the weekly chart, which confirms the medium-term bullish trend.
In the monthly chart, the MACD lines have crossed bullishly after the MACD histogram has shown an upward trend for many months. If Bitcoin price clears the horizontal resistance at around USD 31,000, it could rise to the next Fibonacci resistances at around USD 36,000 and USD 50,000, respectively.
Bitcoin dominance was bearishly rejected at the 0.382 Fibonacci resistance at the 50-month EMA at around 52.5%. This could lead to a correction to the next Fibonacci support at around 47%. Before that, however, there is already significant horizontal support between around 48% and 48.5%.
If Bitcoin price overcomes resistance at around 52.5%, dominance could rise to the golden ratio at around 60.5%. However, the MACD histogram is ticking bearish. However, at the moment the MACD lines in the monthly chart are still bullishly crossed.