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December 5, 2022
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Guide & Analysis

Bitcoin correction expected and on top of the LTA

After a new streak at ATH, comes the Bitcoin correction!

2 days ago, on 4/14, we saw Bitcoin again hitting its historic high by almost $ 65,000. The price had already been rising for 7 days and now we are starting to see a correction.

Graph by Tradingview

So far, the correction respects the standard we talked about in the past analysis, testing and rejecting EMA89 (black average in the graph). Continuing with the standard, the BTC price still has a support breather in the EMA200 (red average).

For some traders, the correction was just another opportunity to re-enter the market. Continuing the trend, the region between 59800-60000 is a ‘Buy Zone’, that is, a shopping zone.

But can it go wrong?

– Of course!

Nothing guarantees that the price of the digital currency will simply respect the graphic pattern, hit the supports and go up again. The financial market is free (from people buying and selling) and operates 24 hours a day. It is a collective feeling and, therefore, never an ‘exact science’.

It may happen that the price tests the supports and breaks down, changing the downward trend.

The analyst who speaks to you believes that for this to happen, the price needs to break support down in the region between $ 54300 and $ 56000 – this considering the 4h chart time.

In any case, this would be a drop of more than 11%, with billions in losses in the market cap and a high volume of transactions.

We remain optimistic about maintaining the upward trend.

Analysis of CointradeCx
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