RATE Group | Bitcoin Price is Showing 3 Textbook Technical Signs of a Severe Correction
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Bitcoin Price is Showing 3 Textbook Technical Signs of a Severe Correction

18 Apr Bitcoin Price is Showing 3 Textbook Technical Signs of a Severe Correction

Posted at 11:37h in Bitcoin News by

The Bitcoin price (BTC) has been consolidating in the $6,900 to $7,100 range throughout the past 36 hours, right below a heavy resistance level at $7,200. Typically, a large price movement occurs when BTC gets stuck in a tight range for a prolonged period of time.

Crypto market daily performance

Crypto market daily performance. Source: Coin360

Currently, there are three technical factors that show Bitcoin is vulnerable to a large move down: deviation from the descending trendline, the emergence of a fractal resembling the 2019 top, and the increase of Tether supply.

Deviation from the descending trendline

Technically, when the Bitcoin price rejects off of a descending trendline, it suggests a bearish retest of lower support levels. Earlier this week, a cryptocurrency trader known as Trader XO suggested that in the near-term, the Bitcoin price could be following a descending trendline and possibly retest the month’s open.

Potential Bitcoin short-term price trend

Potential Bitcoin short-term price trend. Source: Trader XO

The Bitcoin price ended up breaking…

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