RATE Group | Bitcoin (BTC) Price Watch: Larger Correction in the Works
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Bitcoin (BTC) Price Watch: Larger Correction in the Works

03 Aug Bitcoin (BTC) Price Watch: Larger Correction in the Works

Posted at 07:05h in Bitcoin News by

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Bitcoin Price Key Highlights

  • Bitcoin price is still in pullback mode as it broke below the first Fib and may be setting its sights on the next ones.
  • Bulls could be waiting at the rising trend line connecting the lows since late June and the 61.8% Fib.
  • Technical indicators are hinting that the uptrend still has a chance at resuming at some point.

Bitcoin is still in pullback mode as it retreats below the 38.2% Fib level and might find support at the next ones.

Technical Indicators Signals

The 100 SMA is still above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. This means that the uptrend is more likely to resume than to reverse. Also the gap between the two is widening to reflect strengthening bullish momentum.

Bitcoin price has tumbled below the 100 SMA dynamic support, though, indicating the presence of selling pressure. Price could still find support at the 200 SMA dynamic inflection point just above the 61.8% Fib.

This retracement level lines up…

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