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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price Technical Analysis – Larger Correction In The Cards?

newsbtc
newsbtc
1 year ago
2 mins read
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Bitcoin Price Key Highlights

  • Bitcoin price seems to be having trouble resuming its climb, as the virtual currency is still in correction mode against the US dollar.
  • Using the Fibonacci retracement tool on the latest swing high and low on the 1-hour time frame shows that price is stalling around the 38.2% level.

Bitcoin price appears to have found support at the 38.2% Fib but is still lacking significant upside momentum, hinting that a larger correction might take place.

Ascending Trend Line Support

Dollar weakness has spurred most of the bitcoin price gains recently, as the US currency sold off on weaker expectations of a Fed interest rate hike by the end of the year. Another wave of dollar selling might be seen, as FOMC head Janet Yellen is set to give a testimony within the week.

bitcoin price, bitcoin technical analysis, bitcoin trading

In that case, bitcoin price could already make a strong bounce off the current levels, which coincide with the 100 SMA. The short-term moving average is moving further above the longer-term 200 SMA, reflecting a pickup in bullish momentum.

If price resumes its uptrend, a test of the previous highs at $272 might be seen. On the other hand, a larger correction could take price down to the 61.8% Fib at $254 near the 200 SMA. Stochastic is pointing down for now, which means that sellers are still active, but RSI is suggesting a return in bullish momentum sooner or later.

Intraday support level – $260

Intraday resistance level – $272

Charts from TradingView

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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