Are Bitcoin Bulls Finally Giving Up? BTC Shows First Signs of a Big Correction

2020-1-31 08:28

Bitcoin spiked above $9,400 and $9,500 against the US Dollar. BTC traded to a new yearly high at $9,569 and it is currently showing signs of a downside correction. Bitcoin price is likely forming a short term top near the $9,570 level against the US Dollar. The bulls seem to be losing control, but there are still many supports near $9,260 and $9,150. This week’s crucial bullish trend line was breached with support near $9,420 on the hourly chart of the BTC/USD pair (data feed from Kraken). There could be a substantial correction if the price breaks the $9,260 and $9,150 support levels. Bitcoin Bulls Need To Be Careful Yesterday, bitcoin remained well bid above the $9,200 support against the US Dollar. As a result, BTC extended its upward move above the $9,400 resistance area. The price even spiked above the $9,500 resistance and traded to a new 2020 high at $9,569. However, the bulls fails to remain in action above the $9,500 level. It corrected lower below the $9,500 level, plus the 23.3% Fib retracement level of the recent move from the $9,167 swing low to $9,569 high. More importantly, this week’s crucial bullish trend line was breached with support near $9,420 on the hourly chart of the BTC/USD pair. Therefore, it seems like bitcoin price is preparing to start a downside correction below $9,400. Bitcoin Price An immediate support is near the $9,360 level. It coincides with the 50% Fib retracement level of the recent move from the $9,167 swing low to $9,569 high. The first key support is near the $9,260 level, below which the bears are likely to eye a test of the $9,150 support area. The bulls need to be careful if bitcoin slides further below the $9,150 support. In the mentioned case, there is a risk of a large downside correction below the $9,000 support area. Can BTC Bulls Protect Decline? The recent downside break below the trend line and $9,400 could be false. To restart the current uptrend, the bulls need to push the price back above the $9,480 and $9,500 level. A successful daily close above the $9,500 resistance level will most likely open the doors for a run towards the main $10,000 resistance area. An intermediate resistance might be near $9,850. Technical indicators: Hourly MACD – The MACD is now back into the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently declining and is now below the 50 level. Major Support Levels – $9,260 followed by $9,150. Major Resistance Levels – $9,500, $9,850 and $10,000. The post appeared first on NewsBTC.

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