Bitcoin (BTC) Breaks Down – Is The Bottom Close?

Bitcoin (BTC) Breaks Down – Is The Bottom Close?
фото показано с : beincrypto.com

2021-11-19 11:55

Bitcoin (BTC) decreased considerably on Nov 18 and reached a low of $55,600. However, it is likely nearing the end of its correction.

BTC has been moving downwards since reaching an all-time high price of $69,000 on Nov 10. On Nov 17, it bounced at the support line of the channel and the $59,700 horizontal support area. 

However, the bounce was short-lived and BTC broke down from both the channel and the support area on Nov 18. This led to a low of $55,600 the next day.

Chart By TradingView Has BTC reached a bottom?

A look at the wave count and Fib levels suggests that a bottom is close. 

BTC seems to be in the C portion of an A-B-C corrective structure (black). This is the final portion of the correction, after which an upward movement is likely. 

More interestingly, there is very strong support near $54,500 – $56,300. This is the 0.382 Fib retracement support level (white), and would give waves A:C a 1:1.61 ratio. The latter is extremely important, since waves A:C often have either a 1:1 or a 1:1.61 ratio. Since the 1:1 ratio did not hold, the 1:1.61 is the most likely one.

Chart By TradingView

This possibility is supported by a look at the MACD and RSI. Both have generated bullish divergence. This is an occurrence in which a price decrease is not accompanied by the same decrease in technical indicators. It often precedes trend reversals.

Chart By TradingView Long-term count

The long-term wave count still suggests that the entire movement since July is a massive 1-2/1-2 bullish formation. This means that the rate of increase is expected to accelerate once BTC completes the ongoing correction. 

Currently, BTC is in sub-wave two (yellow) of wave two (white). Afterwards, sub-wave three of wave three is usually the sharpest of the entire upward waves. This would be expected to take the price well into a new all-time high.

Chart By TradingView

For BeInCrypto’s previous Bitcoin (BTC) analysis, click here.

The post Bitcoin (BTC) Breaks Down – Is The Bottom Close? appeared first on BeInCrypto.

origin »

Bitcoin (BTC) на Currencies.ru

$ 80327.55 (+0.22%)
Объем 24H $31.589b
Изменеия 24h: -3.34 %, 7d: -9.81 %
Cегодня L: $80327.55 - H: $80370.43
Капитализация $1593.413b Rank 1
Цена в час новости $ 57689.8 (39.24%)

bitcoin btc close bottom down breaks correction

bitcoin btc → Результатов: 126


Фото:

El Salvador Buys The Dip Scooping Up 5 BTC — Despite IMF Pressure To Back Off Bitcoin

El Salvador bought a further 5 BTC for its national reserve, worth roughly $415,000, as the top crypto nosedived to sub-$83,000 on Monday, reversing Sunday’s price rally to $95,000. Continuing A Bitcoin Purchase Streak According to the El Salvador National Bitcoin Office, the Central American nation purchased 5 BTC, which is four more than its […]

2025-3-5 21:15


Bitcoin Market Dominance Faces a Challenge as This AI Altcoin is Set for 22,000% Gains

Many were left stunned after seeing Bitcoin (BTC) achieve milestone upon milestone but witnessing altcoins like Ethereum (ETH), Ripple (XRP), and Cardano (ADA) fail to pump by a meaningful amount. Now, after three straight months of Bitcoin (BTC) dominance, it seems the altcoin market is ready to push back with a major inflow of investments [...]

2025-2-12 02:00


MicroStrategy Strikes Again: $100 Million Bitcoin Purchase Signals Strong Market Confidence

MicroStrategy, the major enterprise software company that has evolved into a Bitcoin (BTC) investment platform, has captured attention once again with its latest purchase of $101 million in BTC. The company, led by chairman and co-founder Michael Saylor, has committed to utilizing perpetual preferred stock, common shares, and debt to fuel its ongoing Bitcoin purchasing strategy.

2025-1-7 06:00


Фото:

El Salvador now holds 6,000 BTC: can Bitcoin success story sustain?

El Salvador, the pioneering nation that made Bitcoin legal tender in 2021, has surpassed 6,000 BTC in its treasury, valued at $561.3 million as of the latest update. This milestone represents not only a strategic accumulation effort but also a bold economic experiment under President Nayib Bukele’s leadership. With a 105% unrealised return on its […]

2024-12-30 09:51