BTC Indicators Signal Risks Of Extended Downside Correction

The BTC indicators signal risks of extended downside correction as the price is down by about $500 from the $13,850 swing high against the US dollar. The number one cryptocurrency is showing bearish signals and it could even drop below the $13,000 support as we are about to see in today’s bitcoin news.

Bitcoin failed to stay above the $13,500 support and dropped below $13,200. The price is now consolidating near the $13,200 and the 100 hourly simple moving average. There’s a key contracting triangle forming with support of the $13,220 on the hourly charts of the pair. The pair will resume its decline below the ,200 and the ,100 in the near-term.
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Bitcoin’s price traded to a new monthly high of $13,850 before starting a major downside correction as the cryptocurrency broke the key $13,500 support level to move into the short-term bearish zone.

The drop gained pace below the $13,200 level and the 100 hourly simple moving average and the price even spiked below the $13,000 level and traded at $12,899. There was a recovery wave above the $13,000 and the $13,100 levels. The price traded above the 23.6% fib retracement level from the recent decline from the $13,850 high to the $12,899 low. Bitcoin is consolidating near the $13,200 and the 100 hourly simple moving average with a key contracting triangle forming with support at $13,200 with risks of fresh drops. BTC indicators signal a downside movement again with the major support being near the $13,000 level. If the bulls fail to defend the support level, it could open the doors for an extended downside correction to the $12,600 level or the $12,500 in the upcoming sessions.

If Bitcoin stays above the $13,200 support level, it could clear the triangle resistance close to the $13,315 level. The next key resistance is set at the $13,375 level with the close of the 50% fib retracement level of the recent decline from $1,850 high to $12,899 low. the main hurdle for the bulls is near the $13,500 level above which the price will restart the rally and could revisit the $13,850 high again. The hourly MACD will move into the bearish zone while the hourly RSI is well below the 50 levels.