2019-12-08 2017-10-03 Bitcoin is driven to a slight correction Vadique Magenta 2019-12-082017-10-03

As it is seen in the daily chart, the growth has slowed down and yesterday’s candlestick has turned upside down. We got back to a safe distance from “controlled purchases”, holidays began in China and the price was inevitably let off to float. I don’t think there will be many of those who wish to sell but a slight correction is likely to be. Moreover, in short timeframes there are the first signs of it. The first large support is in the area of 23.6%, it corresponds to the mirror level of the previous resistance. Yes, there are several smaller supports but in the daily chart this level is defined as more significant.

The original ascending channel was at too steep angle and that made buyer keep a certain rate. I marked the main channel with three points and as we see, the price slowly left its course. Nevertheless, the “working” channel remains its borders, and its lower border will be one of those intermediate supports.

In the hourly chart we’ll look at the current momentum and identify several supports in case the correctional movement develops. This is 4250-4280, which worked out while I was righting the report, next it will be 4100-4150, which corresponds to the support in the daily chart and is considered as more significant. Finally, it will be 3950, where there is the highest interest accumulation in the current momentum.

Locally, in m15 chart, we see three figures, each of them is less than previous one. We can interpret this regularity as following; at each subsequent level the market accepts the price worse and worse. As we see, the result of such “non-acceptance” is the last figure outbreak, which is the momentum of the current correctional movement.

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