Published 11 mins ago
BTC Price Prediction: the Bitcoin price turned down from the $31000 high during mid-April and triggered a new correction phase. This retracement has plunged the coin price by 12.38% within a fortnight and plunged the prices to the $17250 mark. This support most likely caused a temporary halt so sellers can recuperate bearish momentum for further rallies. Here are the key levels to watch amid the current correction.
Key Points
- The Bitcoin price breakout from the current range formation will determine the near future price movement
- With a higher possibility, a breakdown below the range support of $17250 will pull the Bitcoin price to $16750 mark.
- The intraday trading volume in Bitcoin is $15.4 Billion, indicating a 5.43% loss
Source-Tradingview
Over the past three days, the Bitcoin price had been wobbling in a narrow range from $27900 to $27250. After a significant drop, this consolidation is a short break where the rising buying pressure gets neutralized, and the sellers eventually resume the prevailing downfall upon the breakdown of range support.
If the 4-hour candle closes below the $27250 support, the selling pressure will accelerate and plunge the prices to the immediate support of $26750 accompanied by a 32.8% Fibonacci retracement level.
Also Read: What Are Bitcoin Ordinals And How Do They Work?
This aforementioned level is a crucial level to watch as buyers may have regrouped near this support to offset the ongoing retracement. A bullish reversal from $26750 will encourage buyers to rechallenge the $30000 mark.
Conversely, a breakdown below $26750 will dump the price straight to a 50% retracement level of $25200-$25000.
Technical Indicator
Relative Strength Index: A bullish divergence in the 4-hour RSI indicates rising buying pressure in the market as buyers try to wrestle for trend control.
Exponential Moving Average: the 20 EMA slope acts as a dynamics resistance currently carrying the ongoing correction phase.
Bitcoin Price Intraday Levels
- Spot rate: $27397
- Trend: Bearish
- Volatility: Medium
- Resistance levels- $27900 and $2900
- Support levels- $27250 and $26750
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/btc-price-prediction-bitcoin-price-coiling-the-correction-cycle-back-to-25000/