- The market is still very volatile on the first day the week; an expert predicts declines $6,600.
- The focus is on the falling wedge pattern which could further ignited losses under $10,000.
Bitcoin, the “people’s currency” ignited a major flash drop last week following a correction from the new 2019 high marginally below $14,000. Support was established at $10,300 giving way for correction above $11,000.
The market is still very volatile on the first day of the week. Further correction upwards, stepped above $12,000 on Friday but last week’s peak around $13,800 remains unchallenged. An analyst predicts further downside correction with $6,600 being the target. Lack of a catalyst for sustained gains could result in bulls getting exhausted.
At the moment, the focus is on the falling wedge pattern which could further ignite losses under $10,000. The upside is immediately limited by the 50 Simple Moving Average (SMA). Moreover, the descending trendline is also limiting gains towards the next hurdle at $11,250.
In the short-term, we can expect to stay above $10,750 for now as the technicals suggest. The Moving Average Convergence (MACD) is horizontal at 0.0 while the Relative Strength Index (RSI) is above average and still ranging.
BTC/USD 15-mins chart
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