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$3 467 a Analysis Bitcoin Bitcoin News bullish correction makes reaching sharp

Bitcoin Makes A Sharp Bullish Correction Reaching $3,467



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After the long downtrend bitcoin was experiencing, the number one cryptocurrency is in today’s Bitcoin news for starting a bullish correction and reaching a $3,467-fiat.

The uptrend action followed after a low-volume consolidation movement over the weekend. During the weekend, especially Sunday, BTC looked sharper and the trade volume for the BTC pairs increased. It remained average the entire day today but just a few moments ago the market was in for a surprise when Bitcoin increased in value in just one hour.

The BTC/USD pair charts show that a breakout scenario is possibly forming. The major cryptocurrency was trending inside a pattern which resulted in a breakout scenario that is supposed to last as much as the difference between the upper and lower trendline.

Analysts aren’t expecting for the pair to stay true to the technical definitions but can still see that the pair is attempting to extend its bullish action. The nearest possible resistance level can be at 3546-fiat. The RSI momentum indicator is likely to push the pair into a corrective phase.

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If you take a look at BTC/USD shorts could also improve the upward movement. If the volume of the shorts passes 40K, the bulls could trigger a small squeeze. The current rally can lead up to 2.3% of the shorts to get closed. If the percentage increases, Bitcoin is likely to continue its upside correction.

In case an extended selling action occurs, the price could break below its support and can place a new short position at 3343-fiat.



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