Bitcoin Price Analysis: BTC/USD could be heading for a deeper correction
|- Bitcoin is trading over 3% lower on another bad day for crypto markets.
- The price has made a new lower high lower low pattern and things could get worse.
BTC/USD Daily Chart
Bitcoin's price action has looked dire on Tuesday. The market has moved away from the highs seen on February 13th.
On the Tuesday night close, if the market closes below 9,227 then we could be headed toward the 8,500 area marked on the chart.
This could be the start of a deeper correction with a new Elliott Wave pattern or could simply be the end of an ABC correction.
For now, we must keep an eye on price action and a break below 9K for confirmation.
There is also a trendline there that could help provide some support in the future if the price does fall.
 (9)-637182654363506764.png){kind=link}
Additional Levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.