BTC analysis – 12% drop in 3 days! Will the price hit the last local minimum?

BTC continues to correct and our eyes are fixed on creating another local minimum. Will it make it higher than the previous one at $ 33,000? This is the most important question for the coming days. The last growth was almost erased and price fell in 3 days by about 12% downwards.

Market price re-enters support area from $ 31,000 to $ 38,000. This is the strongest support area within the entire sideway structure, which lasts for more than a year. In addition, RSI enters oversold zone, which also signals an approaching local minimum. Nevertheless, the price still has room to fall in the short term.

BTC continues to correct. Source: TradingView

Is BTC attacking to a new low?

If BTC creates a growing minimum, or at least the same, there is still a sideway structure in the game in which it is possible accumulation and subsequent upward reflection. However, we do not yet know where this decline will end. Even if the price is to go below the previous minimum, at first I expect a slight upward reflection.

The prediction remains in the coming days bearish and the price attacks a local minimum of $ 33,000. Despite the fact that the flag has been terminated, it is still possible that the price will test the previous resistance as support and only then will a local minimum be established. We are talking about roughly the same level as the previous minimum.