Bitcoin (BTC) Price Watch: Bullish Correction Needed?

Bitcoin Price Key Highlights

  • Bitcoin price continues to tread sideways in tight consolidation, and bulls might need to gather more energy on a correction.
  • Applying the Fibonacci retracement tool shows the potential support zones where more buyers might be waiting.
  • The flag or pennant still seems intact even with the recent dip, so there’s still chance for consolidation.

Bitcoin price is still stuck in consolidation as bulls wait for more buying pressure or the next round of catalysts.

Technical Indicators Signals

The 100 SMA is still above the longer-term 200 SMA on this time frame, confirming that the path of least resistance is to the upside. This suggests that the uptrend is more likely to continue than to reverse.

In addition, the gap between the moving averages is widening to reflect stronger bullish pressure. The short-term simple moving average also recently held as dynamic support on the latest dip. Just when it appeared that sellers had pushed for a downside break, buyers rushed to defend support and propped bitcoin price back up.

RSI is slowly inching lower, however, reflecting a slow increase in bearish pressure. Stochastic was also on the move down but turned higher halfway through its journey to the oversold region. This suggests that buyers are still defending current levels and could have enough energy for a push higher.

BTCUSD Chart from TradingView

A break past the $8,500 level could be enough to confirm another leg higher, possibly spanning the same height as the flag mast or the earlier rally. On the other hand, a break below the short-term consolidation or spike down could lead to a larger pullback.

The 61.8% level is in line with the 200 SMA dynamic support and might be the line in the sand for this uptrend. The 50% level at $7,300 is closer to the channel bottom while the 38.2% retracement level is near the $7,600 handle.

Author: Sarah Jenn

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