- Bitcoin price is due for a retracement as MRI flashes a sell signal on the daily chart.
- Ethereum price continues to consolidate under the $3,938 resistance level.
- Ripple price slides below the $1.09 support level as the crypto markets prepare for a minor correction.
Bitcoin price is facing resistance and selling pressure as it is inches away from retesting its all-time high. The technicals are also hinting at a retracement, which could translate to other altcoin markets.
Bitcoin price readies itself for a launch
Bitcoin price has risen a whopping 48% since October 1 but is finally slowing down as it approaches its all-time high of $64,895. On the daily chart, the Momentum Reversal Indicator (MRI) has flashed a red ‘one’ sell signal. This technical formation forecasts a one-to-four candlestick correction.
Investors should exercise caution as a pullback could be on its way. This correction could knock the big crypto downer to $62,944, the immediate support level below price, or push it down to the $60,000 psychological level. In some cases, if profit-taking intensifies, BTC might retest the $56,000 support barrier.
The aforementioned retracement may provide an opportunity for sidelined buyers to jump on the bandwagon and kick-start a massive uptrend that not only breaches through the all-time high at $64,895 but also sets up a new target at $70,000.
The 161.8% trend-based Fibonacci extension level at $77,525, could be the next pitstop for bulls.
BTC/USD 1-day chart
While things are looking slightly bearish for Bitcoin price in the short-term, a breakdown of the $56,000 support level has the chance to deepen the corrective wave, pushing BTC as low as $52,000 or, in some cases, $51,000, therefore, market participants need to be careful and wait for a confirmation of the upswing.
