Bitcoin (BTC) made a correction yesterday, down close to 5%. Today, the day started with a buyer. We evaluated the latest situation of BTC/USDT in our Bitcoin analysis on 17 June.
Bitcoin slumped to $38,350 in sales-heavy transactions yesterday. It was noteworthy that the current correction found buyers at the 8 and 21-day exponential moving averages. The new day started with buyers in BTC/USDT, where important EMA values work as a support. In the morning, we are faced with an upward movement with a target of $ 40,000 again.
3-hour Bitcoin Chart
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Bitcoin broke the falling channel on the upside on June 14. Then yesterday's correction led to a retest of the upper band of the channel. This limited correction tends to turn into a recovery with today's buys. Looking at the 3-Hour chart, according to the short-term uptrend, Fib 3.82 value and 3-hour candle formations above $38,900 support the rise. In addition, the 8 and 21 EMA values on the 3-hour chart, which are just below this price, are also dynamic support.
Profit selling yesterday also extinguished the stochastic RSI. The indicator, which has been drawn into the oversold zone, has turned its direction up today. If the Stoch RSI manages to break above 20, it could be interpreted as a positive for BTC value increase and has serious upside potential.
In addition, the CMF, which fell into the negative zone in the short-term outlook with yesterday's sales, has also turned its direction up. If the indicator showing the flow of funds can go into the positive territory, it will be confirmed that the funds entering the Bitcoin market are more than the funds leaving, and another factor supporting the rise will emerge.
Daily targets to follow today include $39,830 and $41,330. A one-day close in the $41,000 band may trigger a move towards $43,500.
In the lower zone, the 39.100 – 38.900 range can work as an important support area. If Bitcoin slides below this area, the 89-candle EMA, currently at $37,800, could act as another support point.
Disclaimer: The information in the content is not an investment advice. Author is not responsible for your profit or loss. Every investment involves risks and requires knowledge.