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Bitcoin (BTC) Technical Outlook: Correction May Be Over

Bitcoin (BTC) Technical Outlook: Correction May Be Over


The decline in Bitcoin (BTC) over the past couple of months may be over as big support is holding so far. It's not out of the woods yet, but giving support and trend the benefit of the doubt the outlook could turn decisively bullish soon.

Big support around 40k held, which arrives via both horizontal levels and a trend-line. The recent flush and reversal below the December 4 flash-crash low was a bullish event that we were looking for as it was approached.

There is still some work to be done, but as long as a close below 39558 doesn’t develop then the outlook is at worst neutral, but likely bullish.

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---Written by Paul Robinson, Market Analyst

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.