Here's the latest scoop: Paul Tudor Jones, the billionaire hedge fund manager, seems concerned about Bitcoin's appeal. He believes the growing unfriendly regulatory landscape in the United States makes Bitcoin less attractive. Additionally, the prospect...
Bitcoin: Big Correction Ahead
2021-09-07 • Updated
Bitcoin has gained more than 60% since the middle of July and reached $50.000. At the moment it looks like the trend lost its momentum and the crypto market will face a big correction. Let’s check the chart and determine potential targets and buyback levels.
Long term period:
Bitcoin is moving in the rising channel. Last time it couldn’t reach the upper border of this channel, which is the first potentially negative signal. Moreover, there is a divergence on the RSI oscillator occurred.
Short term period:
Bitcoin has formed the falling wedge pattern with the RSI divergence and the potential target at $49.700. In this case, a good choice might be to wait for the wedge breakout and open a long trade after.
If Bitcoin plays out the scenario with the falling wedge pattern and goes towards the previous high, the potential short entry point will be in the $50.000-$50.500 range. Otherwise, as soon as Bitcoin breaks through the bottom line of the channel the price will go towards $44.000 and lower.
Resistance range: $ 50.500 – 50.500
Support levels: $47.300; $44.000; $42.000; $40.000
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