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Bitcoin: Big Correction Ahead

Bitcoin: Big Correction Ahead

Updated

Bitcoin has gained more than 60% since the middle of July and reached $50.000. At the moment it looks like the trend lost its momentum and the crypto market will face a big correction. Let’s check the chart and determine potential targets and buyback levels.

Technical analyses

Long term period:

4H chart

BTCUSDH4.png

Bitcoin is moving in the rising channel. Last time it couldn’t reach the upper border of this channel, which is the first potentially negative signal. Moreover, there is a divergence on the RSI oscillator occurred.

Short term period:

30min chart

BTCUSDM30.png

Bitcoin has formed the falling wedge pattern with the RSI divergence and the potential target at $49.700. In this case, a good choice might be to wait for the wedge breakout and open a long trade after.

If Bitcoin plays out the scenario with the falling wedge pattern and goes towards the previous high, the potential short entry point will be in the $50.000-$50.500 range. Otherwise, as soon as Bitcoin breaks through the bottom line of the channel the price will go towards $44.000 and lower.

Resistance range: $ 50.500 – 50.500

Support levels: $47.300; $44.000; $42.000; $40.000

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