Bitcoin is at risk of a significant downside correction as the number one cryptocurrency struggles with the $13,000 resistance level. Technical analysis shows that the BTCUSD pair is now extremely oversold, with the Relative Strength Index indicator at its most overbought level since August. Any downside correction is likely to find strong support from the $12,200 to $12,000 area.
The BTCUSD pair is only bullish while trading above the $12,000 level, key resistance is found at the $13,200 and the $13,500 levels.
If the BTCUSD pair trades below the $12,000 level, sellers may test the $11,800 and $11,580 levels.
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