Bitcoin made a good recovery from the bottom last week.
The flagship cryptocurrency managed to reach $ 9,750 on Saturday, which is about 13% above the bottom of last weekend.
Nevertheless, there are several indicators suggesting that there is a ‘ high chance ‘ Bitcoin will make a correction in the coming weeks. The weekly chart of the asset gave several signals, which suggest that an adjustment is forthcoming. The analyst who made this observation claims that this may be the biggest correction since March.
The 4 indicators are the following:
1 – Tom Demark Sequential made a candle ‘9’. The indicator prints a candle ‘ 9 ‘ or ‘ 13 ‘ when approaching a turning point in an asset trend. The last candle 9 suggests that the Bitcoin rally in the last few months may be over.
2 – Hidden bearish divergences have formed between the Klinger indicator and the price.
3 – The stochastic index of relative strength made a bear cross for the first time since February.
4 – Bitcoin formed the ‘ Heikin-Ashi Rotating Peak ‘ model last week, suggesting a reversal of the trend.
There is serious resistance from sellers in the Bitfinex order book.
Bitcoin’s chart with the dominance of the order book shows that there is resistance from investors just over $ 10,000. This is significant because data from the order book has previously served to predict the highlights of previous rallies.