BTC/USD: Expecting For a Slight Rollback or a Deep Correction
Bulls have not just got out of the bearish local trend but managed to come back to the prices of September 2019. The price stroke to $10,300 on some exchanges, rising by more than 40%. Meanwhile, the dominance rate of Bitcoin has increased by more than 3% and now makes up 68.4%.
On the 4H chart, Bitcoin is oversold and a decline to the nearest support zone between $8,300 and $8,700 is about to occur in a few days. Now, it is difficult to predict whether yesterday’s growth was a false breakout or a revival of the bullish trend.
If BTC bounces off the support and goes up, that will be the start of a new bull run in terms of the long-term scenario. In another case, bears will keep pushing the rate below $8,000.
On the 4H chart, Bitcoin is oversold and a decline to the nearest support zone between $8,300 and $8,700 is about to occur in a few days. Now, it is difficult to predict whether yesterday’s growth was a false breakout or a revival of the bullish trend.
If BTC bounces off the support and goes up, that will be the start of a new bull run in terms of the long-term scenario. In another case, bears will keep pushing the rate below $8,000.
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