Bitcoin: Big Correction ahead!

Bitcoin: Big Correction ahead!

2021-08-13 • Updated

Bitcoin has exploded during the past three weeks, but now it looks like bulls are losing power as the big seller appeared at the level of $46,700.

30M Chart

BTCUSDM30.png

On the 30M chart, Bitcoin has formed the rising channel. It is a bearish pattern. As soon as Bitcoin breaks the lower border of the flag, it will go down to the $45,500 support. When it happens, it will be the third time crypto-asset got rejected from the $46,700 resistance level.

1H chart

BTCUSDH1.png

On the 1H chart, the reversed rising triangle occurred. That is a bearish pattern as well, with the targets at $44.000 and $42.000.

The whole situation might change if Bitcoin breaks the resistance at $46,700. In this care, it will shortly reach $48,000.

Daily chart

BTCUSDDaily.png

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