The pullback that began after Bitcoin reached its 2019 high at the end of last week has accelerated. Since that time, when BTC traded just north of $9,000 briefly, it has fallen 13 percent and appears to be still falling. <\/p>\n\n\n\n
A number of shorter term technical indicators have started\nto turn red as the weekly trend changes course. Bitcoin still remains above a\nnumber of moving averages on the day charts but on hourly ones things are\nstarting to look different. A death cross between the 50 and 200 moving\naverages occurred on the hourly chart when Bitcoin\ndumped hard yesterday<\/a>. This is a very short term indicator but lower highs\nand lower lows since then also correlate with a downtrend. <\/p>\n\n\n\n An immediate bounce off $7,000 could spell further gains, but the opposite could result in that 30 percent correction analysts have been talking about. From its recent high, a correction of this magnitude could drop BTC down to $6,400 which, coincidentally, was 2018\u2019s most traded price. <\/p>\n\n\n\n There is stronger support further down with some traders\nlooking at a fall back to $5,500;<\/p>\n\n\n\n