BTC(3D): price correction but uptrend remains

BTC(3D): price correction but uptrend remains

Bitcoin / U.S. dollar BITSTAMP:BTCUSD

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Updating the BTC 3D (3-day) chart, note that on the JAN 07th candlestick tested the downtrend upper channel line was tested but only on the JAN 10th candlestick was able to break with confirmed. The break was accompanied by a spread of +4%, touching the Fibonacci’s first blue level 23.6% at 8184. In the next candlestick , which started on JAN 13TH, there was a significant increase of approximately 7%.

It is important to remember the fundamentalist part of this recent high. All of this rise is due to the fact that the US is in commercial conflict with China and military with Iran, and as the traditional financial market views Bitcoin as a store of value (even though there is no legal context guaranteeing this market), kind of like gold is, so any stock market disturbance, many rush to Bitcoin . Today this is the main reason why Bitcoin is about ups and downs, going against the purse.

The current 3D candle (black arrow)born yesterday at 21h (-3 UTC ) is working in the negative field but without clear signs from the indicators that there isn’t a top reversal. Therefore, this negative movement can still be seen as a correction of the recent high, even because on JAN 15th was triggered a signal for the beginning of the medium term uptrend.

This correction could last up to Fibonacci’s first red level 23.6% at 8318, and as soon as a bottom reversal is triggered, the new target price could be the Fibonacci’s blue level 32.8% at 9273.

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Marcelo Torres

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