Bitcoin technical analysis: Is the correction over?

Share this article:
Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp
Share on telegram

So it seems like bitcoin wanted to go down a little more. I barely read news or try to stay on top what’s going on in our crazy world, but if I would have to guess the general sentiment starts to be pretty bearish, ‘bitcoin is going to die’ once again and so on… 

As I wrote in my previous analysis, in the case of more movements down the daily average from 200 days will probably act as a good support level.


Sorry for the messy chart, but I will try to put your focus on the most important things at the moment. Highest white dotted average is from 200 days, and the price went a little bit lower than that. Price hit the 50% fibonacci retrace very accurately and the bigger averages from 6 months (solid white) and from 1 year (solid yellow) and also the average from 20 weeks (dotted pink). We are still waiting how this weekly candle closes, but it would be good if it closed above all of these averages.


On the daily chart we can see that Monday’s green candle engulfed all the bottom candles. This could be a start for the up trend to continue and this correction to be over. I have marked important support and resistance hits on the way from the bottom with white arrows.

The bigger picture looks very bullish, and even if we would go a little bit lower it seems to be only a matter of time when the bull market up trend continues. If you have been reading my analysis for a time now, you know that I am not a bulltard who always says up. I am merely telling you what I can read from the charts.

Why bitcoin is one of the best investments in the world today and why technical analysis works (simply explained)

The author has written over a hundred bitcoin analyses in the span of five years and is very experienced in trading bitcoin.

Related articles
Start the discussion
Inline Feedbacks
View all comments
coinmotion logo

Not a Coinmotion user yet?
Sign-up for a free account right now!

Follow Coinmotion on Twitter for the latest news!


Tilaa uutiskirjeemme
Haluatko kuulla ensimmäisten joukossa tuoteuutuuksistamme, saada super hyper erikoistarjouksia sekä oppia kryptovaluuttasektorista lisää eksklusiivisten markkinaraporttiemme kautta? Haluaisimme lähettää sinulle sähköpostia silloin ja tällöin – ei kuitenkaan liian usein – eli jos haluat päästä etuihin kiinni, täytä tietosi alapuolelle. Pysytään yhteyksissä! Oletko jo Coinmotionin käyttäjä? Voit muuttaa tilaustasi myös tilin asetuksissa.
Tilaa uutiskirjeemme täyttämällä tietosi
Lisätietoja tietojen käsittelystä löydät tietosuojalausekkeestamme
Suscríbete al boletín de noticias de Coinmotion
¿Quieres ser el primero en enterarte de nuestras novedades, recibir ofertas mega buenas y aprender más sobre el sector de las criptomonedas a través de informes exclusivos de mercado? Nos gustaría enviarte un email de vez en cuando – no demasiado a menudo – así que por favor rellena tus datos abajo. ¡Estamos en contacto! ¿Ya eres usuario de Coinmotion? Puedes gestionar tu suscripción a través de la configuración de la cuenta.
Suscríbete ahora rellenando tus datos aquí
Responsable del fichero: Coinmotion Oy. Finalidad: envío de información sobre productos y servicios propios al suscrito. Legitimación: consentimiento. Destinatarios: No se comunicarán los datos a terceros. Derechos: acceder, rectificar y suprimir los datos, así como otros derechos, como se explica en la información adicional. Puede consultar información adicional y detallada en nuestra Política de Privacidad.
Subscribe to Coinmotion Newsletter
Would you like to be the first one to hear about our product updates, receive super hyper special offers and learn more about cryptocurrencies through our exclusive market reports? We are happy to send you an email every now and then – not too often – so please fill your information below. Let’s stay in touch! Are you already a Coinmotion user? You can also manage your subscription via account settings.
Subscribe now by filling your details here
Responsible for the file: Coinmotion Oy. Purpose: sending information about own products and services to the undersigned. Legitimation: consent. Recipients: The data will not be communicated to third parties. Rights: access, rectify and delete data, as well as other rights, as explained in the additional information. You can consult additional and detailed information in our Privacy Policy