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Bitcoin price analysis: BTC correcting price to healthy $44500 level

Bitcoin price analysis BTC correcting price to healthy level

TL;DR Breakdown

  • Bitcoin price analysis shows healthy retrace to the $44500 levels.
  • The king coin is correcting after being overbought for two consecutive days.
  • Bitcoin likely to retest higher levels after correction.

The king of cryptocurrency had been enjoying newly found highs above the $45500 and $46000 level for the past few days. However, the relative strength index (RSI) shows that the cryptocurrency is slightly overbought during this time. Finally, after two days, the previous support levels gave in to bearish trends and the BTC/USD price is correcting to healthier support levels found below the $45000 mark.

Bitcoin price analysis: the 4-hours candlesticks show healthy correction and low volatility

The 4-hours candlestick chart analysis shows that the king of cryptocurrency is in for a bearish momentum. The king seeks much healthier support levels than the slightly shaky support levels previously found at the $45000 and above levels. The current BTC/USD price movement may be bearish, but the outcome would be a healthier market movement.

Bitcoin price analysis: BTC correcting price to healthy $44500 level 1
BTC/USD price 4-hours candlestick chart. Source: Trading View

At the time of writing, Bitcoin’s price fluctuates between the $44380 and $44550 mark, where the healthiest support is currently available for the $44600 price range. The lower value of Bollinger’s band stands at the $44637 mark, whereas the upper value stands at the $46794 mark showing a lower volatility range. While the strong support levels on Bollinger bands are found at the $45716 mark, the moving averages’ support level is found slightly lower at the $45862 mark. The RSI score on the 4-hours chart shows a healthy 45.17 score.

Bitcoin price analysis: 1-day candlestick further confirms the correction

The one-day candlestick chart further confirms the bearish momentum brewing on the Bitcoin price charts at the time of writing. Whereas the RSI score is also more towards the red-zone at the 65.06 score mark.

Bitcoin price analysis: BTC correcting price to healthy $44500 level 2
BTC/USD price 4-hours candlestick chart. Source: Trading View

The one-day candlestick chart also shows more volatile price movement where the lower Bollinger’s band value stands at the $34483 mark and the upper value at the $47661 mark. Bollinger’s average serving as the strong support is found at the $41072 mark. Whereas, the moving average support is found at the $43774 mark.

Bitcoin price technical indicators

Out of the total 26, technical indicators, most of the oscillators are showing a neutral movement making the market stale. Out of the 11 oscillators, nine indicators are neutral while one indicator is on the buying signal along with one at the selling signal.

Bitcoin price analysis: BTC correcting price to healthy $44500 level 3
BTC/USD technical indicators chart. Source: Trading View

Out of the 15 moving averages as many as 12 are on the buy signal with two on selling and one on neutral indications. These technical indicators can help you make a better trading decision.

Conclusion

The king of cryptocurrency is moving in for a correction likely to stabilize the price above the $44500 level. However, if the current support levels fail to provide a good cushion price can fall further down to the $43000 levels. On the other hand, if the current support levels persist the price can rally back to retest the previous high levels found above the $45000 and $46000 marks.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Andrew

Andrew

Andrew is a journalist and cryptocurrency enthusiast who writes for the love of blockchain and cryptocurrency. He possesses vast knowledge of cryptocurrency, blockchain and other fintech and tech-related areas he has been covering for a long time.

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