Navigation
- BITCOIN REJECTED!!? 〽️ Was THAT the “BIG CORRECTION?” Weak Hands CRUSHED!! Gap?
- Falling high
- Wave analysis
- Disclaimer
- Similar articles
- Similar articles
BITCOIN REJECTED!!? 〽️ Was THAT the “BIG CORRECTION?” Weak Hands CRUSHED!! Gap?

The rejected bitcoin continued to decline
CONTENT
-
BTC is trading above $ 13,130 support. Next support comes at $ 12,770.
-
Charts do not signal bullish reversal.
-
The price is likely in wave C of the A-B-C retracement.
International consortium of news organizations developing transparency standards.
Bitcoin made an attempt to rise on October 29, but collided with the former support area and reversed, forming a long upper wick.
A bearish breakout of the current support level is expected and a decline towards the targets set by us below.

Falling high
The bitcoin rate (BTC) reached the $ 13,130 area and formed a bullish engulfing candlestick. This was supposed to be a rebound, and the price did hit a high of $ 13,675, but then formed a long lower wick and sank noticeably. As a result, we got the first falling high relative to the price on October 28.
At the time of writing, bitcoin is again trading near the $ 13,130 support area. If it is broken, the price may dip to $ 12,770.
Do you want to always be aware of the latest cryptocurrency market news? Join the discussion in our Telegram channel – and you will find out everything!
Schedule BTC. Source: TradingView
The shorter-term chart shows no signs of a bullish reversal. MACD and RSI are declining and none of these indicators are signaling bullish divergence.
In addition, the price bounced off the $ 13,675 area, which previously played a support role.
The aforementioned support area of $ 13,130 is supported by the bullish hammer and bullish engulfing candlestick formed on the chart. Therefore, a bearish breakout of such a fortified area could trigger a very sharp drop..

Schedule BTC. Source: TradingView
Wave analysis
In our previous analysis of Bitcoin, we wrote that the price probably started wave 4. The most likely level of completion of this wave could be the range between $ 12,083 and $ 12,442 (Fibo levels 0.382-0.5 retracement of the entire bullish move).
Wave 4 is probably represented by a corrective structure A-B-C, within which the price can now be inside wave C (red on the chart).
The three most likely completion levels for this wave are $ 12,683, $ 12,419, and $ 12,086 (Fib levels 1, 1.27 and 1.61, respectively).
Since the $ 12,683 level coincides with the support area we outlined earlier, the market is likely to form a bottom right here.
Schedule BTC. Source: TradingView
However, the current decline, as we expect, will be only the first part of a longer correction that will target the market at the bottom of wave 4 (orange on the chart).
Currently, the two most likely scenarios are a flat (black) or triangle (white) correction. Since the initial stage in both options is identical, it is still impossible to determine which of them will be implemented in the end..

Thus, the bitcoin rate (BTC) has probably started a corrective wave, which could lead the market in the short term to $ 12,670, and ultimately to $ 12,083- $ 12,442.
Disclaimer: Trading cryptocurrencies carries a high level of risk and is not suitable for all investors. The opinion expressed in this forecast does not reflect the opinion of the editorial staff of BeInCrypto.
Disclaimer
All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..
Share Article
Similar articles
-
Bitcoin will continue to rally despite the correction
Bitcoin will continue to rally despite the correction CONTENT Whales have activated for a local dump of the Bitcoin price, but they will not have enough strength to change the trend…
-
Bitcoin grew by 10% in a day and…
Bitcoin rallied 10% in a day and reached long-term resistance. CONTENT Bitcoin reached long-term resistance at $ 16,100. Price has not yet submitted…
-
Bitcoin failed to close above $ 34,000 resistance
Bitcoin Failed to Close Above $ 34,000 Resistance CONTENTS Bitcoin is struggling with long- and short-term downtrend resistance lines. Support…
-
Bitcoin broke through $ 23,000 and does not want to calm down
Bitcoin has broken through $ 23,000 and does not want to calm down CONTENT BTC moves along the line of short-term upward support Technical indicators on the daily…
-
Bitcoin has moved its all-time high again and rolled back again CONTENTS BTC resistance passes at $ 19,400. Steel technical indicators…
Similar articles
-
Bitcoin will continue to rally despite the correction
Bitcoin will continue to rally despite the correction CONTENT Whales have activated for a local dump of the Bitcoin price, but they will not have enough strength to change the trend…
-
Bitcoin: Will Breakout of Long Term Trend Line Succeed?
Bitcoin: Will the Breakout of the Long Term Trendline Succeed? CONTENT The resistance levels are located at $ 9600 and $ 10,400. The price has broken the short-term upward…
-
Bitcoin is recovering after a massive drawdown
Bitcoin Recovers After Large Drawdown CONTENTS Daily indicators are bearish, while short-term ones are bullish. Support is located…
-
Bitcoin broke through $ 23,000 and does not want to calm down
Bitcoin has broken through $ 23,000 and does not want to calm down CONTENT BTC moves along the line of short-term upward support Technical indicators on the daily…
-
Bitcoin falls to $ 29,000 but forms a double bottom
Bitcoin dropped to $ 29,000, but formed a double bottom CONTENT Resistance is at $ 33,800, and support is at $ 29,000. BTC rate could…