Bitcoin Price Watch: BTC/USD Short-term Correction Underway

Key Points

  • Bitcoin price topped near the $8,500 level and started a downside correction against the US Dollar.
  • Yesterday’s highlighted key connecting bullish trend line was breached with support at $8,190 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is currently correcting lower, but it remains well supported near the $8,100 and $8,000 levels.

Bitcoin price is facing a minor selling pressure below $8,500 against the US Dollar. BTC/USD must stay above $8,000 to avoid an extended correction.

Bitcoin Price Analysis

Yesterday, we saw a nice upward move towards $8,500 in bitcoin price against the US Dollar. The BTC/USD pair traded as high as $8,496 before starting a downward correction. The price declined and moved below the $8,300 support area. There was also a break below the 23.6% Fib retracement level of the last wave from the $7,600 low to $8,496 high.

During the decline, yesterday’s highlighted key connecting bullish trend line was breached with support at $8,190 on the hourly chart of the BTC/USD pair. The pair also broke the $8,200 support and traded close to $8,050. However, the price remains well bid above the $8,000 support. Moreover, the 50% Fib retracement level of the last wave from the $7,600 low to $8,496 high was also intact. The price recovered, but upsides were capped by the $8,300 resistance and a bearish trend line on the same chart. At the moment, the price is consolidating below the $8,300 level. A break above the trend line resistance is needed for a fresh upward move.

Looking at the chart, the price seems to be struggling above $8,300. Therefore, there is a risk of more declines towards $8,000 before the price completes the current correction wave. Above $8,300, the price will most likely revisit $8,500.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is mostly flat in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI is currently moving close to the 50 level with no bullish sign.

Major Support Level – $8,050

Major Resistance Level – $8,300

Author: Aayush Jindal

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