Bitcoin Begins First Major Bull Market Correction Since $10, Breakout The leading cryptocurrency by market cap shocked Wall Street and the rest of the world over the last few months. The asset has broken nearly every record related to it but fell just shy of breaking its all-time high before a strong correction began. Dec 15, · Bitcoin’s recent attempt to break above the $19, on Monday failed amid intensifying sell-off sentiment near the level. The flagship cryptocurrency briefly reached $15, but crashed by almost $ into the Tuesday session. Its corrective move . 1 day ago · The broader crypto market has entered a strong correction losing 4% or $34 billion over the last hours. While Bitcoin (BTC) takes a dive below $23, levels, it still continues to extend its dominance in the market. At press time, BTC is trading at $22, with a market cap of $ billion and a massive 69% market dominance.
Bitcoin market correctionBitcoin Analyst: "Deep Correction" Coming With December 17 Pivot Point Reached - bitcoinlife24.de
Yashu Gola 6 hours ago. Tony Spilotro 24 hours ago. Despite the downside, the cryptocurrency is undeniably in a bull market. But bull markets do correct, and when they do it can be powerful. As to where Bitcoin could fall to, the last bull market and one particular indicator could provide clues. The leading cryptocurrency by market cap shocked Wall Street and the rest of the world over the last few months.
The asset has broken nearly every record related to it but fell just shy of breaking its all-time high before a strong correction began. Technical indicators such as the RSI on daily timeframes have reached the longest period of oversold conditions ever, and on weekly timeframe has surged into bull market territory. Still, when an asset trends this hard, the corrections are just as severe.
The momentum has only just shifted, and given the strength of the move up, the correction is likely to be as dramatic. And with bulls now conditioned to buy every dip , the potential for a squeeze of the last remaining leveraged traders before the next leg up is high.
Given all the conditions, it is time to pay attention. The quote is a nod to a commonly used phrase by Bollinger Bands creator John Bollinger. The technical indicator he created was used to spot the powerful Bitcoin movement upward before it fully began. The structure is looking good, but we need a bit of confirmation first.
The tool is a complex one with a moving average and two standard deviations that diverge or contract measuring volatility. But Bollinger Bands can also be used to find support or resistance, and in Bitcoin bull markets, the middle-line appears to be the de facto support level that keeps the uptrend intact.
If bulls want to be successful and knife catch the exact bottom of the correction, then the middle-BB on weekly timeframes is an area to watch. With the all-important middle-BB lining up almost exactly with that steep of a correction, it is most certainly time to pay attention. I'm Tony Spilotro.