Although rejected at $14K, Bitcoin corrects and keeps the Bullish trend
A new monthly high was recorded for Bitcoin price at 14,081 before it saw a downside correction against the US dollar. Bitcoin is touching the $13,600 and $13,500 support levels.
So what’s there for us in Bitcoin price correction?
Last week saw a bullish trend from BTC which rose above 13K resistance level against USD. BTC/USD pair moved even further towards higher prices and a positive zone.
BTC was traded at a little above $14K (14,081) and almost for four hours stayed above the 100 simple moving averages. However, during the last days the price saw a downside correction, that is, it went below $14K and $13.8 K. Below the 23.6% Fib retracement level of the upward move, a break was seen.
The price is now almost touching the $13.6K support zone along with an important channel which is rising and reaching $13.6K on the BTCUSD 4-hours chart.
According to NEWSBTC, “The channel support is close to the 50% Fib retracement level of the upward move from the $13,139 swing low to $14,081 high.” On the bright side, this $13.8K level is just the beginning hurdle for the upward trend. And now, the major resistance is shaping around 14K level.
There’s a great chance that if we have a successful daily close beyond $14K, the resistance levels see even more rise.
Bitcoin, the Probable Loner
Unless Bitcoin recovers and reaches above the $13.8K, it could drop deeper. The primary support is close to $13K level and the channel trend line zone. $13.5K is the next major support level and in case the price drops below the $13.6K and $13.5K support levels, it could reach the $13K support too.
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