Bitcoin correction setup points to $79,500 target
Bitcoin looks set to trigger a short-term sell signal, which is bad news for buyers in the near term.
- A daily close below $82,700 would flip the short-term trend lines bearish.
- That signal usually drags price down to the 55-day average, pointing to $79,500.
- The move typically lands within 7 to 10 days, and happens 80-90% of the time.
- The last signal failed to reach that target, but that was a rare outlier.
Outlook: Expect a drop toward $79,500 over the next week to ten days unless Bitcoin holds above $82,700.
## Bitcoin Levels
- **Bias:** Bearish short-term
- **Sell / take profit:** Below $82,700 on a daily close confirms downside
- **Support:** $79,500 (55 EMA)
- **Targets:** $79,500 minimum downside target
- **Invalidation:** A daily close holding above $82,700