Bitcoin Price Analysis: BTC Coin At 32% Discount; Is This A Fair Price Or More Correction is Required?
The BTC coin is still under a correction phase where it has recently dropped below the 0.5 FIB level. The price is now charging towards the next support level of $44800, looking for sufficient demand pressure to continue its bull rally. The current price of this coin is $46860, with an intraday gain of 0.34% gain.
Key technical points:
- The 20-day EMA line flips from the dynamic support to a possible resistance
- The intraday trading volume in the BTC coin is $33 Billion, indicating a 13.45% gain.
Source- BTC/USD chart by Tradingview
The last time when we covered an article on BTC/USD, the coin price breached another crucial support 0.5 Fibonacci retracement level and 200 EMA line together, indicating the extension of its correction phase. Later, the coin retraced to these new resistance levels for a second retest, checking for sufficient supply pressure.
The coin price was rejected from this level with an evening star candle pattern, indicating the coin has drooped 32% from the All-Time High of $69000. The crucial EMAs (20, 50, 100, and 200) support a downtrend in this coin. Moreover, the 20 EMA, which provided dynamic support earlier, is now flipped to a possible resistance.
The daily Relative Strength Index (34) states a bearish sentiment among the market participants.
BTC/USD 4-hour Time Frame Chart
Source- BTC/USD chart by Tradingview
The BTC coin price is currently moving towards its next support level of 0.618 FIB or $46800 support level. The traditional pivot shows remarkable confluence with the BTC/USD chart level. According to these pivot levels, the crypto traders can expect the nearest resistance at the $49500 resistance at $52500, followed by $2. As for the opposite end, the support levels are $44500 and $420003.
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