TRENDING:
US CPI
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
Login
|

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.
Bitcoin Price Analysis: BTC/USD could be heading for a deeper correction
Rajan Dhall, MSTARajan Dhall, MSTAFX 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.

Bitcoin

Additional Levels

BTC/USD

Overview
Today last price9380.22
Today Daily Change-278.90
Today Daily Change %-2.89
Today daily open9659.12
 
Trends
Daily SMA209912.19
Daily SMA509173.18
Daily SMA1008259.77
Daily SMA2008855.43
 
Levels
Previous Daily High10027.5
Previous Daily Low9479.72
Previous Weekly High10307.33
Previous Weekly Low9309.77
Previous Monthly High9568.13
Previous Monthly Low6856.63
Daily Fibonacci 38.2%9688.97
Daily Fibonacci 61.8%9818.25
Daily Pivot Point S19416.73
Daily Pivot Point S29174.33
Daily Pivot Point S38868.95
Daily Pivot Point R19964.51
Daily Pivot Point R210269.89
Daily Pivot Point R310512.29

Author

Rajan Dhall, MSTA

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

More from Rajan Dhall, MSTA
Share:

Editor's Picks

Bitcoin Weekly Forecast: BTC retreats as macro headwinds grow

Bitcoin Weekly Forecast: BTC retreats as macro headwinds grow

Bitcoin (BTC) remains under pressure, down over 4% this week and trading around $76,900 at the time of writing on Friday. Institutional demand shows signs of weakness as spot BTC Exchange Traded Funds (ETFs) are on track to end their three-week inflow streak, recording nearly $500 million in net outflows through Thursday.
XRP falls toward key support as macro uncertainty, weak momentum cap recovery

XRP falls toward key support as macro uncertainty, weak momentum cap recovery

Ripple (XRP) falls below $1.33 on Friday, marking the third consecutive day of declines. The token continues to track the broader cryptocurrency market downturn, with investors closely monitoring heightened macroeconomic uncertainty ahead of the United States (US) Consumer Price Index (CPI) release and next week’s Federal Reserve (Fed) monetary policy decision.
Crypto Today: Bitcoin, Ethereum, XRP stabilize at lower levels amid ETF outflows and macroeconomic risks

Crypto Today: Bitcoin, Ethereum, XRP stabilize at lower levels amid ETF outflows and macroeconomic risks

The broader cryptocurrency market is rising on Friday, with Bitcoin (BTC) trading above $77,000 after testing lower support near $76,500. Ethereum (ETH) shows signs of stability, hovering above the support provided at $2,400 despite capped upside at $2,500. Meanwhile, Ripple (XRP) holds above $1.33 after three straight days of declines, reflecting growing headwinds due to macroeconomic uncertainty.
Bitcoin pulls back as another golden cross fails to deliver

Bitcoin pulls back as another golden cross fails to deliver

Earlier this week, Bitcoin formed a golden cross, a technical signal that occurs when the price’s 50-day moving average rises above the 200-day moving average and is conventionally viewed as a precursor to a bullish rally. Historically, however, that’s often not been the case.
Bitcoin: BTC retreats as macro headwinds grow

Bitcoin: BTC retreats as macro headwinds grow

Bitcoin (BTC) remains under pressure, down over 4% this week and trading around $76,900 at the time of writing on Friday. Institutional demand shows signs of weakness as spot BTC Exchange Traded Funds (ETFs) are on track to end their three-week inflow streak, recording nearly $500 million in net outflows through Thursday.