Bitcoin Price (BTC) Analysis: Correction at High Levels can be the Support for Major Milestones
Bitcoin entered the corrective phase, a strong contraction of almost two percent has generated a stampede of capital outflow in almost 10 trillion dollars throughout the ecosystem in the last 24 hours.
However, the levels are still in the month average and no more contraction is expected than expected for the entire ecosystem.
In the last two hours, BTC has increased its domain by + 0.2%, going from 56.8% to 57% and this has translated into the capital inflow of $ 2 trillion dollars into the market, something that indicates the strong mobility that exists in the market and the great volatility of it.
This moment that had already been foreseen is now a good moment of entry for many investors in the short term, and there are some cryptocurrencies that are creating interesting supports for a greater boost in their prices at higher levels.
For now, Bitcoin according to the site CoinMarketCap.com., Quoted at the time of writing at the spot price of $ 7794.11 USD, with -1.64% in the last 24 hours and a market capitalization of $ 138 billion dollars, that still doubles that of UBER to place in context the greatness of the main cryptocurrency.
Short-term Bitcoin has created a symmetric triangle with a cut-off point at 7800 levels which is now the resistance to break to be able to capitalize major milestones. Even, his last candle has managed to break the average level of the last 30 days for BTC.
If it manages to break this level of 7800, BTC could reach the 8k level in the short term again, which would mean a profit of + 2.54% in the short term, enough for investments with leverage greater than x5.
The Aroon Uptrend indicator remains at the top of the graph, signaling the upward momentum of the cryptocurrency with its counterpart heading to the bottom, which tells us that BTC will not have a strong setback in this price correction.
CMF, for its part, indicates a good level of capital flow towards the BTC ecosystem, by staying above the 0.20 level and this gives an idea of the support that keeps BTC at the current price level.
In the medium-long term, the upward trajectory of BTC in the 4H chart, indicates that the asset will continue to grow in the coming weeks and that its current cap of R1 ($ 8400) will have no problem to achieve it again, after reaching its third wave in progress.
The Awesome Oscillator indicator shows us a pair of red candles in negative change, but that do not present the amplitude necessary to tell us that we are bearish.
RSI is currently leaving the sales area, to go steeply to the purchase zone, reaching values above the RSI 50 average at the time of writing.
In conclusion, the opportunities for BTC is to open short, with a stop at 7970 and a target of around 7350. Now if the bids are filled before there is a short, this scenario will be out of the options.
Bitcoin is currently subject to much pressure and expectation by both investors and speculators, after the postponement of VanEck SolidX ETF funds, the market is experiencing the pressure of bulls and bears to take control of the cryptocurrency.
Even external factors but not foreign to the market such as the rejection of the U.S. Copyright to the proposal of Craig Wright have put to think more than one, on the feasibility that BTC falls to unwanted levels, after the threats of the self-proclaimed Satoshi Nakamoto to invade with his economic power orders of sale below the five thousand dollars to make prices fall, in retaliation for the decision today promulgated by the American patent office.
Bitcoin’s price is $58,768.68 BTC/USD exchange rate today. The real-time BTC market cap of $1.1 Trillion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $23.68 Billion and live coin value change of BTC 2.22 in the last 24 hours.