Bitcoin Is Yet In Correction And May Drop
After Bitcoin rushed to $48,000 for the third time since mid-August, the long funds did not follow up in time, causing the price to fall rapidly, and today it fell as low as $43,955. The price has not been able to break through the key resistance this time, indicating that there is insufficient confidence in the advancement of long funds in the short term.
On the hourly line, the MFI continues to go down through the overbought zone, and the continuous deviation of the hourly level also needs room to resolve. The market can see the continuous follow-up of big selling orders, and the intensive influx of small buy orders is difficult to prevent the price from going down.
It is expected that the price of BTC/USD will drop to $41,900 to find its support.
Major support level: $42,000
Major resistance level: $46,000
On the hourly line, the MFI continues to go down through the overbought zone, and the continuous deviation of the hourly level also needs room to resolve. The market can see the continuous follow-up of big selling orders, and the intensive influx of small buy orders is difficult to prevent the price from going down.
It is expected that the price of BTC/USD will drop to $41,900 to find its support.
Major support level: $42,000
Major resistance level: $46,000
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