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The rejected bitcoin continued to decline

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BITCOIN REJECTED!!? 〽️ Was THAT the “BIG CORRECTION?” Weak Hands CRUSHED!! Gap?

The rejected bitcoin continued to decline

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.

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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.

The rejected bitcoin continued to decline

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.

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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..

The rejected bitcoin continued to decline

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..

The rejected bitcoin continued to decline

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..

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