Bitcoin’s Correction Brings New Opportunties!

Bitcoin’s Correction Brings New Opportunties!

Bitcoin changed little during the weekend and after the last aggressive sell-off. It’s traded at 49,740 being located under broken downside obstacles.

The bias is bearish in the short term after escaping from a major Rising Wedge reversal pattern. Still, the current corrective phase could end soon after the rate reaches strong support levels.

The retreat could help the buyers to catch a new upside momentum.

The current decline is natural after Bitcoin’s breakdown from the Rising Wedge pattern. The rate has retested the broken uptrend line and the weekly pivot 57,568 confirming the correction.

Now is traded right below the weekly S1 (50,229.84) which represented strong support. BTC/USD could resume its decline as long as it stays under S1 and below the immediate downtrend line.

51,541 level represents strong resistance. Breaking and stabilizing below this obstacle indicates that BTC/USD could move down towards 43,021 static support.

A strong reversal pattern around the support levels could bring a buying opportunity. The outlook remains bullish in the long term, so we should look for long signals when the correction ends.

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Author : Olimpiu Tuns

Olimpiu Tuns

Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.