Bitcoin Correction Begins: How Much The Prices Can Fall This Time?

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The much-anticipated correction in Bitcoin (Ticker: BTCUSD) has begun. But, according to veteran trader Jonny Moe, it is no reason for bulls to mourn. The analyst projected the benchmark cryptocurrency’s rally to resume after daytraders secured their short-term profits at $12,000. He stated that BTCUSD is falling towards a concrete ascending trendline support level. That price floor is a part of a rising triangle pattern, which technically indicates a continuation of Bitcoin’s upward trend. “Certainly not out of the woods, but BTC [is] setting up really nicely on the 4h with this back to back Doji/tweezer look,” said Mr. Moe. “A reversal here starts to set up a nice look at a possible ascending triangle, which I’ve drawn a lot of lately, but they just keep painting.” Bitcoin chart by TradingView.com shows its plunging towards so-called Triangle support What the chart shows is a decent buying pressure near the lower…

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