Bitcoin Price Analysis: BTC/USD Bullish Correction Over?

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Bitcoin recently busted out of its descending triangle pattern on the 4-hour time frame and is pulling back for a retest of resistance. This happens to line up with the 38.2% Fibonacci retracement level around $11,100.

A larger correction could last until the 50% level that lines up with the 200 SMA dynamic inflection point or the 61.8% level at $10,332.79. On the subject of moving averages, the 100 SMA is above the longer-term 200 SMA to indicate that the path of least resistance is to the…

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