TA: Bitcoin Dips $2K, Why BTC Could Bounce Back From $45K

TA: Bitcoin Dips $2K, Why BTC Could Bounce Back From $45K

Bitcoin price extended its upward move towards $49,700 before correcting lower against the US Dollar. BTC dipped more than $2,000, but it is likely to remain stable above $45,000.

  • Bitcoin started a sharp downside correction after setting a new all-time high near $49,700.
  • The price is trading above the $46,000 support, but it is below the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $46,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to bounce back as long as it is trading above $46,000 and $45,000.

Bitcoin Price is Correcting Gains

There was an upside extension in bitcoin price above the $49,200 level. BTC even traded to a new all-time high near $49,700 before it faced a strong selling interest.

The price declined sharply below the $48,000 and $47,000 levels. Bitcoin traded below a major contracting triangle with support near $47,600 on the hourly chart. There was also a break below the $46,800 support level and the 100 hourly simple moving average.

Read the full article at newsbtc.com

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