Bitcoin Price Correction Deepens; Weekly Close Looks Bearish

Bitcoin price has been in decline for the past 24 hours following a weekend push back over $12k. The slide led to a drop of over a thousand dollars, or around 8%, in BTC price as the correction appears to be deepening. On the hourly chart Bitcoin price has dropped below both the 50 and 200 moving averages and is currently just above $11000

The weekly chart, however, looks a little more ominous as a large doji, or shooting star has appeared which is often the sign of indecision between buyers and sellers leading to a possible trend reversal. Trader Josh Rager noticed this and while analyzing the charts, he added that a couple of weeks on the downside would lead to prime buying opportunities.

Read More at Bitcoinist

#BTC #Bearish #Correction #TA