The current price of Bitcoin has been tested recently, and it appears that a healthy correction is in order. Following the recent handful of down days, the price has seen a mild upward trend in the last few days, with the price of Bitcoin correcting to a healthy $44500 level. This level is a good level for the price of Bitcoin to be, and is the first level of resistance since the price had a test of the $45000 level.

Bitcoin price correction is ongoing, and it seems to be the main topic of the discussion between various people in the Bitcoin community. As I have previously demonstrated, the BTC-USD exchange rate is now steadily correcting, and it is currently in the process of re-establishing the uptrend that it had established earlier in the month. It is likely that the correction will continue, and perhaps the BTC-USD exchange rate will recover to the $45000-$45200 level that it had achieved at the beginning of the month.

Examining bitcoin’s price movements over time can be a useful way to forecast price movements in the future. The price of bitcoin is currently consolidating slightly, in between $44000 and $44500. The recent price action is part of a larger pattern of price movements that started around mid-August.. Read more about bitcoin price correction and let us know what you think.

TL;DR Summary

  • Bitcoin’s price analysis indicates a solid retracement to $44500.
  • After being overbought for two days in a row, the king coin is now correcting.
  • After a pullback, Bitcoin is expected to revisit higher levels.

For the last several days, the king of cryptocurrency has been enjoying fresh highs above $45500 and $46000. The relative strength index (RSI), on the other hand, indicated that the cryptocurrency was somewhat overbought at the moment. After two days, the previous support levels succumbed to negative tendencies, and the BTC/USD market is correcting to healthy support levels below $45000.

Analysis of the Bitcoin price: the 4-hour candlesticks indicate a healthy correction with minimal volatility.

The study of the 4-hours candlestick pattern indicates that the king of cryptocurrencies is on the verge of a negative trend. The king seeks more better levels of support than the previously weak support levels seen at $45000 and higher. Although the present BTC/USD price fluctuation is negative, the end result will be a healthier market.

Bitcoin price analysis: BTC correcting price to healthy $44500 level 14-hour candlestick chart of the BTC/USD price. Trading View is the source of this information.

At the time of writing, Bitcoin’s price is fluctuating between $44380 and $44550, with the $44600 price range providing the most stable support. Bollinger’s band’s lower value is $44637, while the higher value is $46794, indicating a smaller volatility range. The strong support levels on Bollinger’s band are located around $45716, while the moving averages’ support level is little lower at $45862. On the 4-hours chart, the RSI score is a respectable 45.17.

Analysis of the Bitcoin price: The 1-day candlestick indicates the correction.

The one-day candlestick chart verifies the negative trend that is now developing on the Bitcoin price charts. Whereas, with a score of 65.06, the RSI score is likewise in the red zone.

Bitcoin price analysis: BTC correcting price to healthy $44500 level 24-hour candlestick chart of the BTC/USD price. Trading View is the source of this information.

The price movement on the one-day candlestick chart is similarly more erratic, with the lower Bollinger band value at $34483 and the higher value at $47661. Bollinger’s average, which acts as a strong support, is located at $41072. The moving average support, on the other hand, is located at $43774.

Technical indications for the Bitcoin price

The majority of the oscillators, out of a total of 26, are exhibiting a neutral trend, making the market stale. Nine of the eleven oscillators are neutral, while one is on the buying signal and the other is on the selling signal.

Twelve of the 15 moving averages have a buy signal, two have a sell signal, and one has a neutral signal. These technical indicators will assist you in making more informed trading decisions.

Conclusion

The king of cryptocurrency is headed for a pullback that will likely keep the price over $44500. However, if the present support levels fail to act as a strong cushion, the price may go much lower below $43000. If the present support levels hold, the price may bounce back to retest the prior high levels located above the $45000 and $46000 levels.

Disclaimer: The material on this website is not intended to be trading advice, and.com assumes no responsibility for any investments made as a result of the information on this page. Before making any financial choices, we highly advise doing independent research and/or consulting with a competent expert.

The dominance of BTC has shown a significant correction since the huge bull market started in November last year, and the correction is now continuing. This has led to some of the big players (including myself) being in an all-in-bullish position, expecting BTC to break through the resistance level of $5000. I have no idea what caused the dominance to begin with, and I am not even sure if the dominance is still there, but I would say that the bull market is (at present) still going strong.. Read more about bitcoin $50k and let us know what you think.

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