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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.

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