Cryptocurrency analysis firm MakroVision published its latest technical assessment of Bitcoin, stating that the price is continuing its correction. According to the company’s updated chart analysis, BTC is currently trading just below $113,000.
The analysis indicated that the price was struggling to hold onto the 0.382 Fibonacci level ($114,200) and the red trend channel in the short term. However, this barrier was recently broken to the downside.
According to the report shared by the analysis company, the prominent levels in the BTC price are as follows:
- The $114,200 support (0.382 Fibonacci) was tested.
- Below this, the range of 111 thousand – 108 thousand dollars stands out.
- However, it is stated that a strong rise could be triggered again if it breaks above $120,300.
MakroVision stated that the current correction is progressing quite rapidly and strongly from a technical perspective, and that the possibility of a pullback to the 0.5-0.618 Fibonacci retracement zone remains on the table. The company warned its followers that a deeper decline could jeopardize the medium- to long-term upward trend.
*This is not investment advice.