Time To Pay Attention: Where The Bitcoin Bull Market Correction Might End

Time To Pay Attention: Where The Bitcoin Bull Market Correction Might End:

(NewsBTC) Bitcoin price over the last 24 hours saw an over $3,000 crash and more than 15% wiped out from its price tag.

Despite the downside, the cryptocurrency is undeniably in a bull market. But bull markets do correct, and when they do it can be powerful. As to where Bitcoin could fall to, the last bull market and one particular indicator could provide clues.

Bitcoin Begins First Major Bull Market Correction Since $10,000 Breakout

The leading cryptocurrency by market cap shocked Wall Street and the rest of the world over the last few months. The asset has broken nearly every record related to it but fell just shy of breaking its all-time high before a strong correction began.

Technical indicators such as the RSI on daily timeframes have reached the longest period of oversold conditions ever, and on weekly timeframe has surged into bull market territory. Still, when an asset trends this hard, the corrections are just as severe.

Yesterday, the cryptocurrency set a high of $19,500. As of this morning, a low of $16,100 was reached wiping out more than $3000 of the asset’s previously increasing price tag.

The momentum has only just shifted, and given the strength of the move up, the correction is likely to be as dramatic. And with bulls now conditioned to buy every dip, the potential for a squeeze of the last remaining leveraged traders before the next leg up is high.

Given all the conditions, it is time to pay attention…

Read the full story at NewsBTC.