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.

Rajan Dhall, MSTA FX Daily

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.

Additional Levels

BTC/USD

Overview
Today last price	9380.22
Today Daily Change	-278.90
Today Daily Change %	-2.89
Today daily open	9659.12

Trends
Daily SMA20	9912.19
Daily SMA50	9173.18
Daily SMA100	8259.77
Daily SMA200	8855.43

Levels
Previous Daily High	10027.5
Previous Daily Low	9479.72
Previous Weekly High	10307.33
Previous Weekly Low	9309.77
Previous Monthly High	9568.13
Previous Monthly Low	6856.63
Daily Fibonacci 38.2%	9688.97
Daily Fibonacci 61.8%	9818.25
Daily Pivot Point S1	9416.73
Daily Pivot Point S2	9174.33
Daily Pivot Point S3	8868.95
Daily Pivot Point R1	9964.51
Daily Pivot Point R2	10269.89
Daily Pivot Point R3	10512.29

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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