Add as a preferred source on GoogleBitcoin May Correct to $74,600 After Fifth Wave Ends at Expected Position
BTC is below its 21-period EMA and temporarily finding support near the 50-period EMA, while its RSI has returned to a neutral 50.
Bitcoin (BTC) may correct toward $74,600 after the fifth wave of an initial advance ended at its expected position. The medium-term trend remains positive, with no current signal for concern.
The possible target matches a 0.382 Fibonacci retracement. BTC has fallen below its 21-period exponential moving average (EMA) and is temporarily finding support near its 50-period EMA. The 200-period EMA is around $75,800, above the possible correction target.
The relative strength index (RSI) has returned to 50, a neutral reading, and its gap from the 14-day moving average has widened. A B-wave rebound could precede a final C-wave decline.
Enna Lee
ReporterEnna Lee reports on investing and digital-asset markets for TokenPost. Send corrections or tips to info@tokenpost.com.