is undergoing a correction toward the long-term upward trend. For how long will this correction last, and at which point is the long-term upward trend most likely to continue? Bitcoin’s price What has caused the start of this correction?
One of the key long-term levels was near $760-80. A long-term downward trend has been forming along that price as far back as 2014. The price of $760-80 has become a key level. The placing of the correction level of the Fibonacci grid 38% has given more significance to that range. That’s why it could be called a historical maximum, which was later confirmed by Bitcoin’s price. Bitcoin price chart Bitcoin’s price has rebounded from that long-term resistance. The structure of the upward movement was further disrupted near $730 and there was a turn to decline. The overlap of several factors influencing the movement of the price allows us to determine a trend with more certainty. It’s worth noting that the structure of the upward movement was intact right until that line, with the price breaking through every line before it. Only after the new level has been reached and the trend’s structure disrupted and then followed by a turn, it became clear that the market is correcting toward the whole upward trend which has started at $400.
After that, the price has headed toward the minimal correction target near $600. The disruption of the structure at the level of $600 was a confirmation of the downward movement from $780 coming to a close. Soon after a weekly flat has formed between two accumulated volume lines: $580 and $710. These levels have become the limits of a sideway movement, which could become a part of the downward rebound of a larger scale. Bitcoin price chart In that case, the downward movement […]
