Cryptocurrency analysis company MakroVision stated in its latest technical assessment for Bitcoin that the price is continuing its correction process. According to the current chart analysis shared by the company, BTC is currently trading just below 113,000 dollars.
In the analysis, it was stated that the price is trying to hold at the 0.382 Fibonacci level (114,200 dollars) and above the red trend channel in the short term. However, this barrier was recently broken downwards.
According to the report shared by the analysis company, the key levels in BTC price are as follows:
114,200 dollars support (0.382 Fibonacci) tested.
Below this, the range of 111,000 – 108,000 dollars stands out.
However, it is noted that a strong rally could be triggered again if it rises above 120,300 dollars.
MakroVision noted that the current correction is progressing quite quickly and strongly from a technical perspective, and stated that the possibility of a pullback to the 0.5 – 0.618 Fibonacci region is on the table. The company warned its followers that a deeper drop could jeopardize the medium–long term upward trend.
Stay tuned for current developments.
