Bitcoin (BTC) Price Analysis: Downside Correction Before Fresh Upside
bitseven.com - Bitcoin price started a downside correction after trading close to $6,620. BTC/USD could spike towards $6,480 before it starts a fresh upward move.
Bitcoin price traded as high as $6,615 recently and later corrected lower.
BTC/USD broke a contracting triangle support near the $6,540 level on the 30-minute chart.
The price is likely to dip towards the $6,480 or $6,445 support before a fresh bounce.
Bitcoin Price Analysis
This week, there were decent gains above the $6,500 resistance in bitcoin price. Buyers pushed the price above the $6,560 and $6,600 resistance levels before sellers appeared near the $6,615 level.
Looking at the 30-minute chart of BTC/USD, the pair traded as high as $6,615 and later corrected lower. The price recently traded below the $6,570 level and the 25 simple moving average (30-minute) to slide into a short-term bearish zone.
During the slide, there was a break below the 50% Fib retracement level of the last wave from the $6,439 low to $6,615 high. More importantly, sellers pushed the price below a contracting triangle support near the $6,540 level on the same chart.
At the moment, the price is finding bids near the $6,500 level and the 61.8% Fib retracement level of the last wave from the $6,439 low to $6,615 high. Therefore, there could be a minor recovery towards the $6,550 level or the 25 SMA.
However, the price is likely to face sellers near the 25 SMA or $6,560. It seems like there could be another downside spike towards the $6,480 or $6,445 before the price prepares for a fresh upward move in the coming sessions.
On the upside, a proper close above the $6,560 level and the 25 SMA could open the doors for further upsides. Finally, above $6,600 and $6,615, the price will most likely test the $6,680 level.
Overall, bitcoin price is trading with a bullish bias as long as there is no close below $6,445. On the upside, the $6,560, $6,600 and $6,680 could be targets for buyers in the coming sessions.
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