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Bitcoin: Big Correction Ahead
Information is not investment advice
Bitcoin has gained more than 60% since the middle of July and reached $50.000. At the moment it looks like the trend lost its momentum and the crypto market will face a big correction. Let’s check the chart and determine potential targets and buyback levels.
Long term period:
Bitcoin is moving in the rising channel. Last time it couldn’t reach the upper border of this channel, which is the first potentially negative signal. Moreover, there is a divergence on the RSI oscillator occurred.
Short term period:
Bitcoin has formed the falling wedge pattern with the RSI divergence and the potential target at $49.700. In this case, a good choice might be to wait for the wedge breakout and open a long trade after.
If Bitcoin plays out the scenario with the falling wedge pattern and goes towards the previous high, the potential short entry point will be in the $50.000-$50.500 range. Otherwise, as soon as Bitcoin breaks through the bottom line of the channel the price will go towards $44.000 and lower.
Resistance range: $ 50.500 – 50.500
Support levels: $47.300; $44.000; $42.000; $40.000
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