BTCUSDT 4H | Bitcoin market overview: Correction to 15,500?
Hello, dear subscribers!
In the previous review we defined the pattern of price movement on the bitcoin market and outlined support and resistance zones.
In the following days, the bulls managed to get above the resistance zone, but the attack of the bears followed, which lowered the price to support zone 1. This was predictable, because before that for a month and a half we observed a consecutive rise in the price of bitcoin without any correction.
Currently, the price of the Bitcoin is between support at $16,500 and resistance at $17,600. MACD and RSI indicators on the 4-hour chart show a bearish nature of the bitcoin price movement. The OBV indicator is also declining, but is still above the support line at 1.086M.
The price movement of recent days fits into the logic of local correction of the growing trend. Support zones 1 and 2 are still valid. Until the price falls below the support zone 2 - $15,500, it is impossible to speak about the formation of a full-fledged bearish trend. Sellers may try to lower the price to $15,500 in order to test the strength of buyers. But as long as the bullish trend remains in force and a fairly strong downward movement is not due to the formation of the reversal, but to a correction after a prolonged rise.
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In the previous review we defined the pattern of price movement on the bitcoin market and outlined support and resistance zones.
In the following days, the bulls managed to get above the resistance zone, but the attack of the bears followed, which lowered the price to support zone 1. This was predictable, because before that for a month and a half we observed a consecutive rise in the price of bitcoin without any correction.
Currently, the price of the Bitcoin is between support at $16,500 and resistance at $17,600. MACD and RSI indicators on the 4-hour chart show a bearish nature of the bitcoin price movement. The OBV indicator is also declining, but is still above the support line at 1.086M.
The price movement of recent days fits into the logic of local correction of the growing trend. Support zones 1 and 2 are still valid. Until the price falls below the support zone 2 - $15,500, it is impossible to speak about the formation of a full-fledged bearish trend. Sellers may try to lower the price to $15,500 in order to test the strength of buyers. But as long as the bullish trend remains in force and a fairly strong downward movement is not due to the formation of the reversal, but to a correction after a prolonged rise.
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