TA: Bitcoin Corrects To $35K, Why BTC Could Start A Fresh Increase

TA: Bitcoin Corrects To $35K, Why BTC Could Start A Fresh Increase


Bitcoin price started a downside correction after it broke $39,000 against the US Dollar. BTC tested the key $35,000 support and it is currently consolidating losses.

Bitcoin started a downside correction below the $39,000 and $38,000 support levels. The price is now trading well below $38,000 and the 100 hourly simple moving average. There was a break below a key contracting triangle with support near $40,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is holding a major support near $35,000, below which it could dive another $2,000. Bitcoin Price Corrects Lower

After forming a short-term top near the $42,000 level, bitcoin price started a downside correction. BTC broke a couple of important supports near the $40,000 level to start the current correction.

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There was also a break below a key contracting triangle with support near $40,000 on the hourly chart of the BTC/USD pair. The pair settled well below the

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