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Bitcoin Correction Deepens – Traders Cautious As Downside Pressure Builds Further

Bitcoin value corrected positive aspects and traded beneath the $124,000 stage. BTC is now struggling and may proceed to maneuver down beneath $120,000.

  • Bitcoin began a draw back correction beneath the $123,200 stage.
  • The value is buying and selling beneath $123,000 and the 100 hourly Simple shifting common.
  • There is a bearish pattern line forming with resistance at $122,750 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair may proceed to maneuver down if it trades beneath the $120,000 zone.

Bitcoin Price Dips Further

Bitcoin value failed to remain above the $125,000 zone and began a contemporary decline. BTC dipped beneath the $124,000 help to enter a short-term bearish zone.

The bears even pushed the worth beneath $121,200. A low was fashioned at $119,810 and the worth just lately recovered some losses. There was a transfer towards the 50% Fib retracement stage of the latest decline from the $123,750 swing high to the $119,810 low.

However, the bears are nonetheless lively close to $121,750. Bitcoin is now buying and selling beneath $121,500 and the 100 hourly Simple moving average. Besides, there’s a bearish pattern line forming with resistance at $122,750 on the hourly chart of the BTC/USD pair.

Immediate resistance on the upside is close to the $121,750 stage. The first key resistance is close to the $122,250 stage and the 61.8% Fib retracement stage of the latest decline from the $123,750 swing high to the $119,810 low.

The subsequent resistance could possibly be $122,750 and the pattern line. An in depth above the $122,750 resistance may ship the worth additional larger. In the acknowledged case, the worth might rise and take a look at the $123,500 resistance. Any extra positive aspects may ship the worth towards the $124,000 stage. The subsequent barrier for the bulls could possibly be $125,500.

More Losses In BTC?

If Bitcoin fails to rise above the $122,750 resistance zone, it might begin a contemporary decline. Immediate help is close to the $120,750 stage. The first main help is close to the $120,000 stage.

The subsequent help is now close to the $118,500 zone. Any extra losses may ship the worth towards the $116,500 help within the close to time period. The most important help sits at $115,500, beneath which BTC may wrestle to get better within the brief time period.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now beneath the 50 stage.

Major Support Levels – $120,750, adopted by $120,000.

Major Resistance Levels – $122,750 and $123,500.

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