The Bitcoin price is currently behaving very calmly and has so far reached our correction targets 1 and 2. This leaves the question of whether we will still achieve correction target 3 or on the way to $ 11,200. Let’s find out!
See our assessment in our Youtube video:
https://www.youtube.com/watch?v=JTh263Icv3Q
In the last Bitcoin price forecast we wrote:
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 on the golden ratio, it can be assumed that Bitcoin will break the trend line bullishly.
Bitcoin price forecast – correction targets unchanged!
In fact, the Bitcoin price reached ours Correction target 1 and then rose 7 percent. However, the following day there was a sell-off that went down 9.6 percent, which was exactly on ours Correction target 2, at $ 9,300, Found support. Bitcoin is currently in again support zone from ours Correction target 1, which is at the Golden ratio located at ± $ 9,650 lies.
With Bitcoin currently showing relatively mild volatility, another attempt could be made soon trendline at $ 10,600 to break. If the correction continues to be so mild, the RSI will soon reach oversold regions without that correction target 3, at about $ 7,800, is picked up. However, if we observe that the Bitcoin price is below the level of ours Price target 2 falls, which at $ 9,000 – $ 9,300 then support should be provided $ 7,800 – $ 8,000 being repaired.
Bitcoin price forecast – bullish scenario
In the bullish scenario for the Bitcoin price, Bitcoin only corrects up to correction target 1 or 2 and then sets off for target price of about $ 11,200, Bitcoin should at least do that Correction target 3 of $ 7,800 hold to stay bullish in the medium term.
Bitcoin price forecast – bearish scenario
Of course, there is also a bearish scenario for Bitcoin. First of all, let’s clarify the bullish scenario in a broader context.
If Bitcoin’s trendline at $ 10,600 breaks, then Bitcoin has 3 course goalswhere very strong resistors lie:
- ± $ 11,200
- ± $ 13,800
- ± $ 18,000
If Bitcoin is rejected on the trend line, Bitcoin could be on the Golden ratio at $ 7,800 bounce off, but are rejected again by the trend line. If that bearish price patterns Bitcoin believes it should be maintained 4 correction goals:
- ± $ 7,800
- ± $ 7,200
- ± $ 6,400
- ± $ 3,300
There is currently no reason to believe that Bitcoin will maintain the bearish price pattern. Bearish price prospects only exist when a daily candle below $ 7,800 closes sustainably. As a result, our price target of $ 11,200 is still intact.
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Best regards and successful trades
Konstantin
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