Bitcoin Correction Technical Analysis

Bitcoin price clearly goes to the margin levels of CME Bitcoin futures. After breaking through the global downward triangle, the price consolidated for three weeks in the $ 7,800 - $ 8,600 corridor, collecting stop orders for intraday traders. At first, we followed 25% and 50% margin requirements, thereby inspiring buyers to continue moving and the ability to go to test the resistance level in the area of ​​$ 9,000 - $ 9,200. But the price continued its movement in the direction where a large amount of money had accumulated. Yesterday a 25% margin level of buyers was broken, after which the price stopped at the 50% level, where it is currently consolidating and gaining strength for further movement. With a greater likelihood, after a little stagnation, the price will move to collect money that is at the 100% margin CME level of buyers and if there are a large number of liquidations and stop orders for traders, the price in a panic may goes down to the area of ​​$ 6,000 - $ 7,000.

We previously noted a level in the level of $ 7,200 to which the price of bitcoin has long been magnetizing, the area of ​​$ 7,000 - $ 7,200 is at the Fibonacci level of 0.618 and is combined with the 100% margin level of the CME exchange, which in turn increases the likelihood of a further reduction in market prices cryptocurrencies, to all this, a good bullish divergence is forming on the RSI indicator, which also increases the likelihood of soon resuming its upward movement. The Bitcoin Conservative Buying Area is located in the $ 6,000 - $ 7,000 area, where you can place a grid of purchase orders. Fundamentally, medium-term prospects for bitcoin have a positive connotation in connection with the upcoming halving in May 2020. Statistically on the eve of halving, bitcoin begins to grow, which fits well with the current fall and news about the launch of the TON cryptocurrency from Pavel Durov, which was also postponed to the spring of 2020.