The price of Bitcoin just corrected itself almost perfectly. Down -4.72% of yesterday’s high, the price seems to have stabilized for the moment and is looking for support around the $5450 area.
While further downward move is likely, we have a decent support at $5362 and if it doesn’t get broken Bitcoin might very well try $5700 next.
However should the support of $5362 be broken, it may open the doors to $5300 or lower. Both MACD and Relative Strength Index show that there is still a little bit of selling power left. It will be interesting to see how the daily candle for today will play out and if it comes out red, we might go lower still.
On the 4H chart MACD just crossed downward and coupled with the Relative Strength Index a move towards $5330 seems likely in the short term. Moreover the Crypto Fear and Greed Index is getting closer and closer to the Greedy zone which could indicate a sharper downward move in the near future.
This post was written by ynef