Bitcoin Price Prediction: The ongoing correction in Bitcoin price shows the formation of a new lower high at $30000, violating the Dow theory of an uptrend. This lower peak gives sellers an opportunity to recuperate and prolong the retracement phase. Moreover, the two highs shown in the daily chart can be used to draw new resistance trend lines which could determine how long the BTC price may remain in a correction phase.
On May 1st, the Bitcoin price flipped local support of $28875 into a suitable resistance that sellers can use to pressurize the buyers for further fall. By the press time, the coin price trades at $28777 with an intraday loss of 0.12%. With sustained selling, the coin price should tumble 6% and hit the $27000 support.
The aforementioned support has managed to hold the Bitcoin price higher since mid-March and aligned with the 23.6% Fibonacci retracement level it creates a strong accumulation zone. Thus, it is likely that the coin holders may whiteness a consolidation for a few trading sessions before giving a decisive breakout.
Thus, interested traders must keep a close eye and the $27000 support and the above-mentioned trendline, as a breakout from either of them will determine the future trend.
A breakout above the trendline will replenish the bullish momentum and surge the bitcoin price by 8% to hit a $31000 peak.
Conversely, a breakdown below $27000 will prolong the correction phase by another 6-7% to hit $25000.
Exponential Moving Average: The breached 20-day EMA slope flips into a viable resistance encouraging the resumption of a downward trend.
Fibonacci retracement level: A retracement to 23.6% FIB level is still considered healthy and keeps the overall trend bullish.
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