Scared about Bitcoin Correction? Do not stay! (not yet)
Bitcoin dropped $ 1000 in less than 5 minutes and dropped more than $ 3000 in a few hours, which was enough to scare the community. But there is no reason to panic, this Bitcoin Correction was expected.
The price of the world’s largest currency was (and perhaps still is) very stretched. Naturally, I needed a correction – on the daily chart the RSI was long above 70 – now that it has returned, but it hasn’t even reached 50 yet and now the price is in the 1st support.
But how far should this correction go?
Let’s go to the supports ahead:
→ The 1st support in $ 17120 gone and there is a force there to hold. There is a possibility that the price will come back from there and go up to get ATH.
→ The 2nd support around $ 15830, for the analyst who speaks to you, is the next target. And here, we really believe that it can be the driving force to continue rising
→ The 3rd support is the zone between $ 13200 and $ 13800. Even though it is a much bigger correction, there are chances that the price will go there.
And even if Bitcoin Correction going on all of them, we will still be up
Notice the red line on the graph. It is the 200-period moving average – it is one of the indicators that show the price trend and even falling to $ 13000, the price will still be above that average which still indicates an upward movement.
Not surprisingly, the super high started down at $ 9864.
I needed a correction.