Price Bitcoin may correct to the region of interest in the neighborhood of $ 600 before resuming decline to recent lows.
Key points
- The price of Bitcoin is still in the midst of correction after the last dive. Buyers are likely to return it back to the nearby areas of interest.
- The level of $ 600 previously acted as support and resistance, which means that many traders look for this area.
- Performance indicators suggest that the down trend may continue, but at the moment there is a profit.
Signals of technical indicators
100 SMA SMA is below 200 at 4 hourly chart, it means that the path of least resistance goes down and may continue the sale. The gap between the moving averages increases, which indicates an increase bearish pressure.
However, Stochastic continues moving upwards, so that the price of Bitcoin can follow his example. That may be enough to return the price to the area of interest, or $ 600 to the dynamic resistance in the area of moving average near $ 650. Selling pressure could resume as soon as the oscillator reaches overbought area and will turn down.