Is there a big correction coming up for Bitcoin?
Over the past 24 hours, the Bitcoin price continued to fluctuate in the range of $11,700 - $11,900, and a slight increase (+1%) can be called a sideways trend. Volatile decreased sharply and reached $220, which is less than 2%. This is an extremely low value for bitcoin. Trading volumes also stand still and do not exceed $21 billion per day.
The Bitcoin price chart is still in a rising wedge. At the moment, it is testing the lower border, which ideally coincides with the middle Bollinger band. Considering that this continues for the third day, it is safe to say that buyers do not have the strength to move up. In addition, according to the laws of technical analysis, now the price must test the lower border of the Bollinger Bands.
Indicators MACD and RSI have a pronounced bearish divergence. Additionally, both indicators began correcting after reaching their peaks. We continue to argue that serious relief is needed for further growth.
But if we take into account the general state of the market, then it is not yet clear how we can see the new tothemoon. The weakness of the entire market is now evident.
In the coming days, we expect a decline to $11,000, and after that to $10,000, where we will most likely see a prolonged consolidation.
The Bitcoin price chart is still in a rising wedge. At the moment, it is testing the lower border, which ideally coincides with the middle Bollinger band. Considering that this continues for the third day, it is safe to say that buyers do not have the strength to move up. In addition, according to the laws of technical analysis, now the price must test the lower border of the Bollinger Bands.
Indicators MACD and RSI have a pronounced bearish divergence. Additionally, both indicators began correcting after reaching their peaks. We continue to argue that serious relief is needed for further growth.
But if we take into account the general state of the market, then it is not yet clear how we can see the new tothemoon. The weakness of the entire market is now evident.
In the coming days, we expect a decline to $11,000, and after that to $10,000, where we will most likely see a prolonged consolidation.
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