{"id":126182,"date":"2020-12-04T15:19:34","date_gmt":"2020-12-04T12:19:34","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-price-correction-begins-heres-how-low-btc-can-go\/"},"modified":"2020-12-04T15:19:34","modified_gmt":"2020-12-04T12:19:34","slug":"bitcoin-price-correction-begins-heres-how-low-btc-can-go","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-correction-begins-heres-how-low-btc-can-go\/","title":{"rendered":"# Bitcoin price correction begins \u2014 Here\u2019s how low BTC can go"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a354ab84dba2\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a354ab84dba2\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-correction-begins-heres-how-low-btc-can-go\/#All-time_high_region_still_major_resistance\" >All-time high region still major resistance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-correction-begins-heres-how-low-btc-can-go\/#The_2014_high_didnt_break_in_one-go_either\" >The 2014 high didn\u2019t break in one-go either<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-correction-begins-heres-how-low-btc-can-go\/#Levels_to_watch_on_the_lower_timeframes\" >Levels to watch on the lower timeframes<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin price correction begins \u2014 Here\u2019s how low BTC can go <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>The price of Bitcoin (BTC) has been seeing a massive run in recent months as it surged by almost 100% from $10,000 to $19,800. However, the all-time high region at $20,000 has been showing significant resistance, causing the price to drop several times including today as BTC has now fall below $19,000 on Dec. 4.<\/p>\n<p>The chances of a correction have been slowly increasing amid diminishing volume in recent days. Multiple arguments can be made for a deeper correction, which wouldn\u2019t necessarily be bad for the market in <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a>.\u00a0<\/p>\n<h2><span class=\"ez-toc-section\" id=\"All-time_high_region_still_major_resistance\"><\/span>All-time high region still major resistance<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-12\/38e17f21-4ade-4abf-92a8-77458106ee9b.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-day chart. Source: <\/em><a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/x\/ZD5xt38u\/\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<p>The all-time high region has not been broken yet, as the chart shows. This is not unexpected, however, as many retail investors will have the all-time high of 2017 as a marker for potential profit-taking. It\u2019s the final hurdle before Bitcoin goes into price discovery, which would make the next targets difficult to determine.<\/p>\n<p>Given that Bitcoin\u2019s price reached the all-time high in a nearly vertical manner, a clear-cut breakout above the all-time high doesn\u2019t seem likely to occur at this point.<\/p>\n<p>However, as long as Bitcoin\u2019s price remains in this region, several arguments can be made for a potential correction. <\/p>\n<p>Specifically, the volume is dropping severely on the recent attempt to break $20,000 indicating potential weakening of momentum. Second, the current all-time high tests open the door for a possible bearish divergence on the daily timeframe. <\/p>\n<p>This bearish divergence isn\u2019t confirmed yet, but it shows some potential signals of a slight trend reversal. In case of a correction, the key areas to watch for support are $16,000 and $14,000.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_2014_high_didnt_break_in_one-go_either\"><\/span>The 2014 high didn\u2019t break in one-go either<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-12\/a115b209-d481-4fb7-9075-a61d20a1c3ff.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-day chart 2016. Source: <\/em><a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/x\/wXDpG07a\/\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<p>The current price action is comparable to the price action in the previous cycle. The 2014 peak high acted as the final resistance, after which a significant correction of 30% took place.<\/p>\n<p>This correction often leads back to the previous resistance, and as the chart shows, this resistance was at $800. <\/p>\n<p>The previous high then flipped for support through that correction, which caused the price of Bitcoin to continue rallying to new all-time highs.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-12\/d0817b2a-101d-41d3-9486-5817e8e997e7.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 3-day chart. Source: <\/em><a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/x\/xTPDGT1h\/\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<p>As markets often act the same way in every cycle, a similar correction of 30% would put the price of Bitcoin at $14,000. Additionally, the previous high in June 2019 is also at $14,000, making it a likely target for a potential support\/resistance flip.<\/p>\n<p>Such a correction of 30% wouldn\u2019t be unhealthy for the market and is quite common. It may also give latecomers a beautiful entry opportunity to boot.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Levels_to_watch_on_the_lower_timeframes\"><\/span>Levels to watch on the lower timeframes<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-12\/08c0287e-3a47-4c46-9744-fab1bd32da24.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour chart. Source: <\/em><a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/x\/G5FWEb3s\/\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<p>The lower timeframes are indicating a potential reversal is in the making. The range is defined, with the support at the green zone around $18,500. This level has to hold for support to sustain the upward momentum.<\/p>\n<p>If it fails to sustain support, the $16,000 area\u2019s retest is very likely. However, if the market wants to maintain bullish momentum, the upper resistance at $19,500 needs to break to warrant further continuation. However, a classic bearish support\/resistance flip is occurring here. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/p>\n<p>The $19,400 used to be resistance, after which a fake breakout occurred. Such a failed breakout often is confirmed through the previous resistance becoming resistance again, as the chart shows. <\/p>\n<p>Therefore, for further upwards momentum, the U.S. dollar has to continue showing weakness, and the price of Bitcoin must break through $19,500. If that doesn\u2019t h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>en, retests of $18,500 and possibly $16,000 are on the table. <\/p>\n<p><em>The views and opinions expressed here are solely those of the <\/em><a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/cryptomichnl?lang=en\"><em>author<\/em><\/a><em> and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.<\/em><\/p>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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However, the all-time high region at $20,000 has been showing significant resistance, causing the price to drop several&#8230;<\/p>\n","protected":false},"author":1,"featured_media":126183,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-12\/303f699a-5dee-4e31-a99c-840369abaf6b.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74939,75164,73785],"class_list":["post-126182","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-market-analysis","tag-price-analysis","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/126182","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=126182"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/126182\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/126183"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=126182"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=126182"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=126182"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}