Bitcoin Begins First Major Bull Market Correction Since $10, 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. Nov 16, · Pro Trader Peter Brandt Points To Possible 37% Correction In Bitcoin Based On Past Bull Markets Bitcoin price is up 20% in November alone. From the early September bottom to the recent high, in less than three months the leading cryptocurrency by market cap added more than 65% to its total value per BTC. 1 day ago · The broader crypto market has entered a strong correction losing 4% or $34 billion over the last hours. While Bitcoin (BTC) takes a dive below $23, levels, it still continues to extend its dominance in the market. At press time, BTC is trading at $22, with a market cap of $ billion and a massive 69% market dominance.
Bitcoin market correctionWhy the Bitcoin Correction Everyone is Waiting for May Take Some Time
The technical indicator he created was used to spot the powerful Bitcoin movement upward before it fully began. The structure is looking good, but we need a bit of confirmation first. The tool is a complex one with a moving average and two standard deviations that diverge or contract measuring volatility. But Bollinger Bands can also be used to find support or resistance, and in Bitcoin bull markets, the middle-line appears to be the de facto support level that keeps the uptrend intact.
If bulls want to be successful and knife catch the exact bottom of the correction, then the middle-BB on weekly timeframes is an area to watch. With the all-important middle-BB lining up almost exactly with that steep of a correction, it is most certainly time to pay attention.
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Reloads and free spins available every day, for every player, in mBitcasino Crypto Autumn Bonanza! Play Now! Tweet Share. Could you be next big winner? The tool goes beyond timing each December 17 and also happened to catch the June peak and the June consolidation phase that led to this point. The above chart also highlights other key dates that appear to be pivot points for the cryptocurrency.
The soonest is February, where the deep-V short-term bottom was set back in , acted as the final retest of bear market lows, and was the peak just prior to the Black Thursday collapse. Next is April, which has been a strong bullish marker for four years running. Other Gann tools that could assist with timing, might also shed some light on what happens next. One thing he did leave behind, was at least some proof of cyclicality in commodities markets around December, living on his Wikipedia page.
Bullish investors might balk at the idea of such a large correction from here or that such pivot points exist. Could you be next big winner?