Correlation With BitcoinThe correlation of the Bitcoin price with BTCD has until now been positive, meaning that an increase in the BTC price has also caused an increase in BTCD, and vice versa. However, what we are potentially seeing right now is that while BTC is decreasing, BTCD is increasing, which is contrary to the move. Since BTC is currently decreasing rapidly, this makes it more likely that BTCD will break out from the triangle, since both increases and decreases can potentially cause an increase in BTCD. Rapid movements in both directions most often cause an increase in BTCD. Either a continued dump or a rapid bounce would cause a breakout from the triangle.
Bitcoin’s MovementAs for the BTC price, it has decreased by $500 since the early morning, when it reached a high of $9,975. At the time of writing, it was trading right at the $9,450 support area and the 600-hour MA, which has resulted in a bounce three times until now. However, since the June 1 crash, each successive upward move has been weaker than the previous one and volume has been considerably higher on bearish candlesticks. This pattern fits with the long-term bearish signs that BTC will soon begin a correction. Therefore, after a bounce from the current level, the BTC price is likely to decline towards the next support areas at $9,200, and possibly lower towards $8,600.
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.