Bitcoin once again tests support at 7800 USD. Is it a good opportunity to recharge or will it return to a correction?
- MACD bearish trend
- RSI marks the passage of the support
- ETE RSI still in creation
- Oversold area
The market is starting to fall, buyers must stay above 7300 USD to avoid a major new correction.
Our analysis are entirely done on Binance charts
Bitcoin goes back down and tests the dynamic support at 7300 USD. This support corresponds to the entry in the compression figure that we left a few days ago. If it yields, a strong correction will certainly take over to drive prices around 6000 USD, the support of the figure. The RSI already tells us a support passage, it’s a negative sign. On the other hand, we are very much in the oversold zone, and signals are picking up in the shorter term. We should, therefore, move in the range between 7300 and 7600 USD before the market makes its decision.
How to take position?
For the moment, it is necessary to exploit the range between 7300 and 7600 USD. Then wait for a break at 7600 or 7300 to take a position on the next major move, be it bullish or bearish.
Should we expect a new correction?
The correction has begun, the last bulwark is the support at 7300, if it yields, we can expect a sharp fall in prices.
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Key Levels :
- Essentials resistances : 7500 – 7800
- Essentials supports : 7200 – 6830
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