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Bitcoin price analysis: BTC correcting after bullish streak above $49,000

Bitcoin price analysis BTC correcting after bullish streak

TL;DR Breakdown

  • Bitcoin price analysis reveals that the king of cryptocurrency is in the correction phase.
  • Strong support is currently found at the $48,083 mark.
  • Strong resistance is currently found at the $49,350 mark.

Bitcoin price analysis reveals that the king of cryptocurrency has been going through healthy corrections in the past 24-hours. During the last 24-hours, Bitcoin price is down by 0.17 percent, while it is down by 1.7 percent during the past seven days at the time of writing. Bitcoin is notoriously famous for head and shoulder patterns, and if the current pattern translates into a similar pattern, further correction is on its way. The first few hours of the day are extremely important not just for Bitcoin but overall market trend as well.

BTC/USD 1-day candlestick chart shows healthy correction

The one-day candlestick Bitcoin price analysis chart reveals that the king is going through a mixed condition where bulls and bears are fighting to take precedent of the market momentum in the hours to come. The upper Bollinger band is still present above the $50,000 barrier at the $50,844 mark amidst decreasing volatility on the one-day chart. The nine-day moving average (SMA 9) is above the current price presenting strong resistance at the $48,659 mark. Whereas the lower Bollinger band and the Bollinger bands’ average are found at the $44,182 and $47,513 marks, presenting strong support to the king of cryptocurrency.

Bitcoin price analysis: BTC correcting after bullish streak above $49,000 1
BTC/USD price 1-day candlestick chart. Source: Trading View

Whereas the lower Bollinger band and the Bollinger bands’ average are found at the $44,182 and $47,513 marks, presenting strong support to the king of cryptocurrency. The relative strength index (RSI) score rests at 59.44, marking a pretty neutral situation for the buying and selling trend for the king. There is ample room for bulls to take control of the situation and make a comeback really soon.

Bitcoin price analysis: 4-hour candlestick chart presents a clearer picture

The four-hour candlestick chart shows a similar situation to the one-day charts with some changes in the numbers. The upper Bollinger band is found at the $49,667 mark presenting the strongest resistance amidst decreasing volatility compared to the past few days. The nine-day moving average (SMA 9) is also serving as the strong resistance point, standing at $48,581, presenting a bearish cross-over with the current price.

Bitcoin price analysis: BTC correcting after bullish streak above $49,000 2
BTC/USD price 4-hour candlestick chart. Source: Trading View

The lower Bollinger band is found at $47,035, and the Bollinger bands’ average is found at the $48,351 mark presenting strong support points for the king of cryptocurrency. The RSI score on the four-hour Bitcoin price analysis chart is lower than the one-day chart standing at 51.17, presenting the same opportunity for the bulls to take control once again.

Bitcoin price analysis conclusion

The king of cryptocurrency is taking heavy breaths after a flash rise and fall in the past few hours. At the time of writing, BTC/USD price is hovering between $48,420 to $48,649 range marking a correction period after taking a jab at the $49,350 high. If the current trend persists and the support stays strong, Bitcoin price is likely to retest the higher price levels in the hours to come.

However, if the support fails, the king is likely to take a dip below the $48,000 mark going into a further correction from the highs. So far, the correction is healthy, and bulls have an optimistic opportunity to regain control.

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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