$BTC

Bitcoin (BTCUSD): When will it resume its upward trajectory after the corrective move?

Bitcoin US Dollar 0.25%

BTC/USD 0.23%

The value of Bitcoin (BTCUSD) has dropped from its all-time high of 112,000, touching the important Kijun-sen line amid renewed fears of escalating trade tensions, following U.S. President Trump’s accusation of China violating its initial trade agreement.

Despite the strength of the upward trend, the Ichimoku lines have lost their bullish bias recently, and the oscillators have seen notable declines, reflecting the fading bullish momentum. The Relative Strength Index has dropped toward its equilibrium line, and the Stochastic Indicator has retreated into the deep negative zone. Nevertheless, these indicators are beginning to show signs of stabilization, as the former attempts to rebound upward near the 50 level, while the latter recorded a positive crossover near the oversold area.

Currently, if the price manages to rebound from the Kijun-sen line and the early January peak around 103,200 – 102,700, buyers will push to surpass the Tenkan-sen line near 107,000, and advance toward the recent peak at 112,000. Surpassing the latter will trigger a new bullish wave that could reach the 117,000 area.

Conversely, if the queen of cryptocurrencies experiences further weakness and drops below the Kijun-sen line, the current corrective move may extend to the 100,000 area.