Bitcoin price – Bitcoin poised to stage technical correction towards $15,000

• Bitcoin stays on monitor to shut sixth straight week within the optimistic territory.
• RSI indicator on the day by day chart factors out to a bearish divergence.
• A technical correction might drag price to $15,000 space.

Bitcoin climbed to its highest stage since January 2018 at $16,490 on Friday and erased a small portion of its weekly good points on Saturday. After declining to $15,720, Bitcoin appears to have gone right into a consolidation part on Sunday and was final seen buying and selling nearly unchanged on the day at $16,100. Regardless of this current pullback, the flagship cryptocurrency is up greater than 4% since Monday and is headed to shut the sixth straight week within the optimistic territory.

BTC might stretch decrease earlier than the subsequent leg up

On the day by day chart, a bearish divergence between Bitcoin price and the Relative Energy Index (RSI) indicator grew to become obvious after the most recent upsurge. Moreover, the RSI stays within the overbought territory, suggesting that consumers might decide to drag to the sidelines within the quick time period.

The preliminary goal for a technical correction aligns close to $15,000, the place the Fibonacci 23.6% retracement of the most recent uptrend and the ascending pattern line cross. Forward of that stage, the previous resistance and Saturday’s low close to $15,700 might act as interim assist. 

On the upside, a day by day shut above $16,500 might open the door for extra good points to $17,200 (2018 excessive). 

BTC/USD day by day chart

Bitcoin has been in a formidable uptrend since early October however technical indicators recommend that consumers may be exhausted and the price might retreat earlier than regathering its bullish momentum.

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