Bitcoin price enjoyed a solid value growth lately, but apparently the corrective phase may continue.
Once struggled to clean up the level of 535 dollars, a correction in the lower area has begun. However, it seems that this correction has gone too far, the bitcoin price going over an important support zone of 393 dollars. Breakthrough might come as an incentive for sellers to take the price lower.
Now the value revolves around 368 dollars, which could trigger a small retreat in the next two waves. An initial resistance in this case would be 23.6% Fibonacci retracement from $ 525 to 367.The biggest level we are talking about is positioned around the area of support suggesting that a price of $ 404 could be the next obstacle for buyers.
MA – On 100 days is perfectly aligned with the resistance of $ 404, indicating a selling area.