Bitcoin Bulls Wrestle for Control of the Correction

2020-9-24 13:04

The Bitcoin (BTC) price has been on a downward path since being rejected on Sept 19. The price is likely nearing the end of its correction and a significant bounce is expected soon.

The Bitcoin price has been decreasing since reaching a high of $11,183 on Sept 19. The price has created two bearish engulfing candlesticks during the decrease but is currently approaching the $10,000 zone. This level contains several long lower-wicks from previous dips at the beginning of September and is a sign of buying pressure.

Bitcoin Approaching Support

Technical indicators are neutral, leaning towards bearish, but there is the possibility of a bullish cross in the Stochastic Oscillator.

The confirmation of the cross would be a strong sign that the trend has flipped bullish.

BTC Chart By TradingView

In the short-term, the price has retraced to the 0.786 Fib level at $10,120 and initiated a bounce. In addition, the MACD has generated bullish divergence and is gradually moving towards the positive territory.

However, the divergence is not present in the time-frames of 6-hours and higher.

BTC Chart By TradingView Wave Count

The BTC price has likely begun a bearish impulse after reaching its aforementioned Sept 19 high (shown in blue below).

If the count is correct, the increase on Sept 23 marked the top of wave 4.

It seems likely that the price will complete another short-term decrease for two reasons:

We cannot yet count five sub-waves (red) for wave five. Projecting the length of wave 1 to wave 4 gives us a slightly lower-low of $10,110.

If another short-term decrease transpires, it would serve to validate the 0.786 Fib level before the price potentially begins an upward move.

BTC Chart By TradingView

To conclude, the Bitcoin price is expected to make another short-term decrease with a low near $10,100 before potentially resuming its upward movement.

For BeInCrypto’s previous Bitcoin analysis, click here!

The post Bitcoin Bulls Wrestle for Control of the Correction appeared first on BeInCrypto.

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