Bitcoin BTC Losing Strength And Is Getting Ready For Correction
Bitcoin strength is weakening due to the heavy resistance it faces at 50k. It is showing very similar structure to when BTC hit its All-Time High and faced a massive correction in May.
We are seeing a rise in price but a fall in momentum on the RSI which usually is a good sign of weakness. Especially when it is paired with BTC fighting the strong resistance at 50k, it is likely we will see a correction from the next push to the upside.
If we see a breakdown of the Local Support at 46.7k the next target will be 41.4k where it will likely find strong support.
Heavy Resistance ~52,700
Local Support ~46,700
Strong Support ~41,400
I would also like to refer to my previous analysis that indicated a channel BTC is trading in. These levels have recently been established in July and will prove to be very useful going forward.
Thank you for taking the time to check out the analysis, I hope this was insightful in any way, leave any questions or comments down below;
We are seeing a rise in price but a fall in momentum on the RSI which usually is a good sign of weakness. Especially when it is paired with BTC fighting the strong resistance at 50k, it is likely we will see a correction from the next push to the upside.
If we see a breakdown of the Local Support at 46.7k the next target will be 41.4k where it will likely find strong support.
Heavy Resistance ~52,700
Local Support ~46,700
Strong Support ~41,400
I would also like to refer to my previous analysis that indicated a channel BTC is trading in. These levels have recently been established in July and will prove to be very useful going forward.
Thank you for taking the time to check out the analysis, I hope this was insightful in any way, leave any questions or comments down below;
Comment:
That was a pretty intense sell-off right at the peak that was marked on the chart. I expected a reaction but this one was quite strong. Will be interesting to see what follows over the coming days. More posts to follow!