Bitcoin Price Climbs Back ! Will BTC Flip Down For a Deep Correction?

It’s been a bullish day for the crypto market after a broadly optimistic day for Bitcoin and the broader market on Thursday.

Advertisement

Bitcoin Price Action

Bitcoin surged to an early morning current day high of $62,100.0, avoiding the first key support level at $57,988.

However, after failing to break through the first major resistance level at $62,826, Bitcoin dropped to sub-$60,500 levels before finding support. 

To attempt another run at the first big resistance level at $62,826, Bitcoin would have to avoid a fall through the $60,216 pivot. 

Any upside would likely be capped by the first big resistance at $62,826 and resistance at $63,000, unless there is a protracted crypto surge. 

If the price falls below the pivot at $60,216, the first significant support level at $57,988 will be tested.

However, unless there is a sustained sell-off into the afternoon, Bitcoin should avoid falling below $57,000. 

A Deep Correction on the Cards?

A well-known cryptocurrency market researcher is putting out scenarios for a Bitcoin (BTC) drop before it soars to new all-time highs.

Cred, a market expert, believes that if the market is overleveraged, Bitcoin might fall below $52,000. 

He states that it also relies on the state of the leverage market at the time. You can expect a deeper wick if you have a large puke and then funding keeps going positive and leverage keeps buying the dip as the market moves lower.

Support between $56,000 and $58,000, he believes, will likely provide a good platform for continuing BTC bullishness. 

He further adds, However, your closest trade setup at structure is a move below the previous week’s low into the 56k to 58k support. Pay attention to your nearest bullish continuation setup at structure he says.

[embedded content]

The post appeared first on Coinpedia

Buy Bitcoin with Credit Card

BitMex Leverage Trading

Automated Trading Bot

Related Posts

Leave a Reply

Bitcoin (BTC) $ 82,523.11 0.78%
Ethereum (ETH) $ 1,891.28 0.76%
Tether (USDT) $ 1.00 0.00%
XRP (XRP) $ 2.26 3.35%
BNB (BNB) $ 631.05 0.44%
Solana (SOL) $ 123.24 4.17%
USDC (USDC) $ 1.00 0.00%
Cardano (ADA) $ 0.701291 2.85%
Dogecoin (DOGE) $ 0.16646 3.43%
TRON (TRX) $ 0.22473 4.98%
Bitcoin (BTC) $ 82,523.11 0.78%
Ethereum (ETH) $ 1,891.28 0.76%
Tether (USDT) $ 1.00 0.00%
XRP (XRP) $ 2.26 3.35%
BNB (BNB) $ 631.05 0.44%
Solana (SOL) $ 123.24 4.17%
USDC (USDC) $ 1.00 0.00%
Cardano (ADA) $ 0.701291 2.85%
Dogecoin (DOGE) $ 0.16646 3.43%
TRON (TRX) $ 0.22473 4.98%