Bitcoin’s price has finally corrected after weeks of aggressive rallying. It dropped by around 10% recently, leaving market participants wondering whether a deeper crash should be expected.
Technical Analysis
By TradingRage
The Daily Chart
Looking at the daily chart, the price has been rallying over the last few months, consistently making higher highs and lows. Yet, the $75K resistance level rejected Bitcoin lower, and the market is currently dropping below the $68K support level. Yet, there is still a significant support level available around the $60K mark to prevent a crash.
Meanwhile, the Relative Strength Index has been showing a clear bearish divergence lately, indicating that the market is likely to go through a more prolonged correction phase.
Source: TradingView
The 4-Hour Chart
On the 4-hour chart, the price action looks much clearer. The market has made a high below the $75K level and is currently testing the $68K support zone.
A bearish breakout is likely to lead to a fu
We współpracy z: https://cryptopotato.com/bitcoin-price-analysis-btc-undergoes-massive-correction-below-70k-whats-next/
