Bitcoin Price Analysis: Is the correction over?
- BTC price has produced its first bullish impulse since last week's sell-off.
- Bitcoin price displays mixed signals on smaller time frames.
- Invalidation of the bullish uptrend is a breach below $26,750.
Bitcoin price has intraday traders wondering which direction to scalp the digital asset. The technicals hint at more upside potential but traps could be set as high as $31,700.
What is an ideal entry for the Bitcoin price?
Bitcoin price displays hopeful price action to start this Sunday's trading session.
Intraday traders looking at the current BTC price are probably reading the current price as a bit oversold. The bulls are adding confluence to this short-term bullish idea as the Bitcoin price has established its first impulsive wave since the $26,750 lows printed last week.
Bitcoin price currently trades at $30,300. A Fibonacci projection tool surrounding the newly established impulse into the pullback at $28,855 suggests a $33,000 and potentially $36,000 target for bulls to aim for if the impulse continues to unfold. The bulls should wait for confirmation before jumping in prematurely. A close above $31.700 could invalidate the potential for a bull trap expanding flat and give more confidence to an unfolding C wave rally.
BTC/USDT 1-Hour Chart
Invalidation of the bullish downtrend is at the current time breach below $26,750. If the bears breach this level, the next target would be $24500, resulting in an 18% dip from the current Bitcoin price.
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
