Bitcoin price analysis: BTC correcting after bullish streak above $49,000

TL;DR Breakdown Bitcoin price analysis reveals that the king of cryptocurrency is in the correction phase.Strong support is currently found at the $48,083 mark.Strong resistance is currently found at the $49,350 mark. Bitcoin price analysis reveals that the king of cryptocurrency has been going through healthy corrections in the past 24-hours. During the last 24-hours, Bitcoin price is down by 0.17 percent, while it is down by 1.7 percent during the past seven days at the time of writing. Bitcoin is notoriously famous for head and shoulder patterns, and if the current pattern translates into a similar pattern, further correction is on its way. The first few hours of the day are extremely important not just for Bitcoin but overall market trend as well. BTC/USD 1-day candlestick chart shows healthy correction The one-day candlestick Bitcoin price analysis chart reveals that the king is going through a mixed condition where bulls and bears are fighting to take precedent of the market momentum in the hours to come. The upper Bollinger band is still present above the $50,000 barrier at the $50,844 mark amidst decreasing volatility on the one-day chart. The nine-day moving average (SMA 9) is above the current price presenting strong resistance at the $48,659 mark. Whereas the lower Bollinger band and the Bollinger bands’ average are found at the $44,182 and $47,513 marks, presenting strong support to the king of cryptocurrenc...