Bitcoin – Bigger correction on the cards?

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Posted 4 hours agoShare Print

Short-lived Bitcoin fix but momentum is already running out of steam

Bitcoin has another run to $ 47,000 at the end of the week.

The pullback was quite shallow and short lived at the end, although it could still face resistance at the previous high, where we are already seeing a slight pullback in momentum.

A failure to exceed $ 47,000 would not be of concern at this point and could simply indicate that the correction has not taken its course. The rally looks perfectly healthy whether we see a breakout or a pullback.

Even a move below yesterday’s lows might just signal a larger correction towards the $ 41,000 region, depending on the size of the double top that would have formed, which would see it encounter earlier resistance and the 61. , 8 fib from August lows to highs.

A move above $ 47,000 and resistance remains the same – $ 50,000 to $ 51,000 – in line with previous support and resistance, and 61.8 fib – from April highs to lows of June.

This article is for general informational purposes only. It is not an investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not for everyone. You could lose all of your deposited funds.

Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while providing macroeconomic commentary. His opinions have been published in the Financial Times, Reuters, The Telegraph and International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig is a full member of the Society of Technical Analysts and is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.

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