Bitcoin Correction Calls Mount: Will BTC Drop 30% to $6,400?

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 above $9,000 briefly, it has fallen 13 percent and appears to be still falling.

A number of shorter term technical indicators have started to turn red as the weekly trend changes course. Bitcoin still remains above a number of moving averages on the day charts but on hourly ones things are starting to look different. A death cross between the 50 and 200 moving averages occurred on the hourly chart when Bitcoin dumped hard yesterday. This is a very short term indicator but lower highs and lower lows since then also correlate with a downtrend.

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