September 30, 2022

Bitcoin Skyrockets $5K In Hours, Trading Above $37K: Is The Correction Over? (BTC Price Analysis)

2 min read

After Bitcoin cost tape-recorded an all-time high last Friday at $42K, the primary cryptocurrency finally decreased for the awaited correction following the huge 3-month rally.

BTC cost skyrocketed from $10,500 to $42,000 without going through any considerable correction. During the previous parabolic bull-run of 2017, there were numerous corrections of 30% typically.

The correction, which began on Sunday, saw a two-day plunge starting from the $41K level to $30K at its lowest. Yesterday, the bulls tried to get control; however, most of the crypto Twitter neighborhood firmly insisted that the correction is not over yet, and Bitcoin will likely retest listed below $30K.

But, Bitcoin has its own plans. Since composing these lines, the primary cryptocurrency had seen a $5K rate increase just today, exceeding the considerable resistance at $36,600 (with a side comment the 4-hour candle light has two more hours to go as of writing these lines).

As can be seen on the following 4-hour chart, after separating from the significant symmetrical triangle at $34,400, the missile had launched as the cryptocurrency surged another $3K over the previous hours.

What’s Next For Bitcoin’s Short-Term?

Is Bitcoin going for a brand-new all-time high in the next coming days? This scenario is really realistic. In order to stay short-term bullish, BTC will have to close today’s candle light above the horizontal resistance of $36K – –$ 36,600, together with the 4-hour MA-50 (the pink line on the following chart).

Looking ahead, the very first level of resistance is the coming down trend-line at $37,800, followed by the upper descending trend-line at around $39,000.

Further above lies $40,000, $41,200 (last weekend’s high), and the all-time high level at $42K.

In case of a correction, the first level of support now lies at the $36,600 area, followed by the middle ascending trend-line as marked on the following everyday chart (around $36K), $35,200, and $34,000.

From a technical point of view, the RSI looks promising in favor of the bulls, as the day-to-day RSI is at the bullish area above 50 (after reversing earlier today). At the very same time, the Stochastic RSI oscillator is about to make a bullish crossover at the oversold location. In case this occurs, it might assist the marketplace in reaching greater highs.

BTC/USD 4-Hour Chart – – Bitstamp

BTC/USD 1-Day Chart – – Bitstamp


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