Bitcoin and Ethereum Price Hints At A Correction – Is Now The Time To Buy?

Bitcoin's price has begun another downward drop below $23,250.[[BTC]] is still vulnerable to further declines before the bulls arrive near $22,200 or $22,000.


Bitcoin’s price has begun another downward drop below $23,250. BTC is still vulnerable to further declines before the bulls arrive near $22,200 or $22,000.

Bitcoin’s price gained momentum as it approached the $23,500 resistance level. BTC surpassed $23,800 but could not break through the $24,000 resistance zone.

A new swing high was set near $23,950, and the price corrected to the downside. The price fell sharply beneath the $23,500 and $23,200 support levels. Furthermore, on the hourly chart of the BTC /USD pair, there was a breach below a significant bullish trend line with support near $23,000.

The price has created a low near $22,519 and is now reversing losses. Bitcoin trades below the $23,200 mark and the 100 hourly simple moving average.

It is trading close to the 23.6% Fib retracement level of the latest slide from the swing high of $23,950 to the low of $22,519. Near the $23,000 level, there is immediate resistance. The next key resistance is near the $23,200 level, which corresponds to the 100 hourly simple moving average.

The 50% Fib retracement level of the recent slide from the $23,950 swing high to the $22,519 low is also close to the $23,250 zone, beyond which the price may begin a powerful rise. In the aforementioned scenario, the price might jump to $23,650. The next degree of resistance might be around $24,000. Any further gains push the bitcoin price above the $25,000 mark.

Bitcoin Price

If bitcoin fails to break through the $23,250 barrier level, it may continue to fall. On the downside, there is immediate support near the $22,650 level. The next big support level is at $22,500. If the price drops below $22,500, it may move toward the $22,200 barrier. Any further declines could push the price to $22,000 in the near future.

Ethereum Price
The price of Ethereum is gaining immediate support near $1,530, and closing candles above this level can potentially drive an uptrend in the price of Ethereum.

On the plus side, the ETH /USD pair has the potential to take ETH to $1,620 or even $1,680 levels.

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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