How far will it fall?
It’s been a long time coming but we may finally have seen bitcoin move into correction territory.
Heavy selling at the start of the week saw bitcoin break significantly below $44,000 -and the 200/223-period band on the 4-hour chart – before coming close to a break of $40,000 today.
A small correction (of the sell-off) saw the cryptocurrency test that priorfrom below (roughly, the support itself isn’t clear) before rotating lower once more. This acts as confirmation of the initial breakout and is a very signal.
It is now heading back towards $40,000, a level that suddenly looks very vulnerable. A break of this is not just a psychological blow, it also breaks the 200/233-dayband, a very signal.
With a move below $44,000 also breaking the neckline of a, a decent correction could be in store.
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