The Bitcoin price reached around $ 10,500 and has since initiated a correction. The Bitcoin rate has already lost nearly 9 percent, so the question arises: to what point will Bitcoin correct?
In the last Bitcoin price forecast we wrote:
In fact, as expected, the Bitcoin price found the 0.382 Fib level 9773 $ early support, Bitcoin has formed a “bullish engulfing candle”, which negates the “bearish engulfing candle”. Bitcoin reached $ 10,500, just a few dollars away from the trend line. If Bitcoin does not break the trend line, the Bitcoin course finds three supports that form our correction goals:
$ 9,773
$ 9,000 – $ 9,300
$ 7,800 – $ 8,000
Otherwise, the Bitcoin price is on the way to the price target, which is at $ 11,200 lies. In addition, the RSI still shows no bearish divergence in the daily exchange rate.
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Bitcoin price forecast – 3 correction goals
In fact, the latest analysis is still brand new. The trend line was barely missed and additional support was added, namely Golden ratio at ± $ 9,600, The correction goals are thus divided as follows:
- $ 9,600 – $ 9,773
- $ 9,000 – $ 9,300
- $ 7,800 – $ 8,000
The bull trend is still intact in the medium term and that Bull target remains unchanged $ 11,200,
The title of the last analysis, “Correction early pause“ and not “completed“Was intentionally chosen because a correction was foreseeable. If Bitcoin maintains its current support at the golden ratio, it can be assumed that Bitcoin will break the trendline bullishly.
It was also said:
Bearish is only the bearish divergence in the 4H course that has formed in the RSI. It remains to be seen whether Bitcoin will make its way to the trend line and whether our price target of $ 11,200 reached directly, or is about to initiate a correction very soon.
Bitcoin price forecast – bearish divergence resolved!
The bearish divergence in the 4H chart has already resolved and the RSI has almost oversold regions, which is basically a buy signal. However, one should wait to see if Bitcoin holds the current support. If not, Bitcoin will at least become correction target 2 between $ 9,000 – $ 9,300 issued.
Bitcoin price forecast – if February stays green, the market will blossom!
In the monthly chart, the MACD has so far averted the bearish crossover and the histogram is ticking higher. In this chart we analyzed how often an upward trend was initiated after a correction with at least two green monthly candles was responded to. In fact, this was followed eight times by a massive upward trend and three times by a very slight to mild continuation of the correction. If the Bitcoin rate is over $ 9339 in just under two weeks, i.e. the monthly candle turns green, chances are good that the upward trend will continue.
>> Buy Bitcoin at the current Bitcoin rate. <<<
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Best regards and successful trades
Konstantin
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