Bitcoin's Price Correction and Potential Recovery
The price of Bitcoin initiated a corrective phase after reaching $30,200. Presently, BTC is in proximity to the previous breakout resistance at $29,400.
As the correction unfolds, Bitcoin's price has descended below the $29,800 level. However, it still remains above both the $29,400 level and the 100-hourly Simple Moving Average. Notably, a significant bullish trend line, which had provided support around $29,840, was breached on the BTC/USD pair's hourly chart (sourced from Kraken).
Should the pair manage to sustain its position above the crucial $29,400 support region, there's potential for another upward move.
Initial Progress and Subsequent Correction
Initially, Bitcoin experienced a notable uptrend, breaking resistance levels at $29,400 and $29,500. It even surged past the $30,000 milestone, though without a daily closing above this level. The peak occurred around $30,190, prompting the initiation of a corrective pullback.
The decline saw the price dipping beneath both the $30,000 and $29,800 marks. The retreat extended to below the 23.6% Fibonacci retracement level of the upward trajectory, stretching from the $28,628 low to the $30,190 peak. Additionally, a pivotal bullish trend line, previously offering support close to $29,840, was breached on the BTC/USD pair's hourly chart.
BTCUSD
BUY LIMIT 29500 - 29300 💯💯
✅ TP1: 29900
✅ TP2: 30100
✅ TP3: 30300
🛑 SL: 29300
The price of Bitcoin initiated a corrective phase after reaching $30,200. Presently, BTC is in proximity to the previous breakout resistance at $29,400.
As the correction unfolds, Bitcoin's price has descended below the $29,800 level. However, it still remains above both the $29,400 level and the 100-hourly Simple Moving Average. Notably, a significant bullish trend line, which had provided support around $29,840, was breached on the BTC/USD pair's hourly chart (sourced from Kraken).
Should the pair manage to sustain its position above the crucial $29,400 support region, there's potential for another upward move.
Initial Progress and Subsequent Correction
Initially, Bitcoin experienced a notable uptrend, breaking resistance levels at $29,400 and $29,500. It even surged past the $30,000 milestone, though without a daily closing above this level. The peak occurred around $30,190, prompting the initiation of a corrective pullback.
The decline saw the price dipping beneath both the $30,000 and $29,800 marks. The retreat extended to below the 23.6% Fibonacci retracement level of the upward trajectory, stretching from the $28,628 low to the $30,190 peak. Additionally, a pivotal bullish trend line, previously offering support close to $29,840, was breached on the BTC/USD pair's hourly chart.
BTCUSD
BUY LIMIT 29500 - 29300 💯💯 ✅ TP1: 29900
✅ TP2: 30100
✅ TP3: 30300
🛑 SL: 29300
