AN IDEA ON BITCOIN CORRECTION

Hi
Today at SynchroBitTeam we come to analyze the idea of possible correction of BTC price to $30K Resistance Zone!
As per chart, we have recognized the Cypher Patterns on the trend.

The trend suffers from an inherent resistance zone and attempts hardly to break it out, however, due to the low volume during these days, breaking this resistance may be hard or impossible.

In the meantime, RSI is also showing a new divergence (please check with your own chart).

However, the overall correction to $30K should not be considered as a “heart breaking” event! We estimate that the further correction below $30K is too hard to be occurred since the dynamic resistance on the exchanges order books are indicating that the bulls are serious to keep the trend above the line however, since they like to make money, they tend to create more dips into the trend line and buy the holdings much easier and more cost effectively (which is highly wise strategy)!

However, if the correction to $30K channel want to happen, the Price Line of $34K is very important and can be set as an Alarm.

Remember, corrections are not bad idea, since they create new cycles and cycles are very necessary for bullish trends. Otherwise we would face with range markets which are not interesting for new investors.

In this scenario, the pull back trend (if initiates from $30K support zone ) will interact with the fibo levels dynamically and we’ll see good opportunities for Short and Long positions.

Remember, this is just an idea! Market has always high potentials for miracles and sudden changes! Therefore, please always consider all risks before you click for taking any position.

We wish you profitable days ahead. Don’t Forget register on SynchroBit Exchange and get your Signup Bonus.