BTC analysis – 9% drop in a single day. Where is the next stop?

In the end, BTC failed to sustain support at the level of $ 45,600 a continues to correct and finding the bottom. Nevertheless, the market price is on a significant export that could serve as the final minimum of the correction. However, it is too early for this claim, because the fall occurred only recently and the price must first stabilize.

The market price goes to another support that is located in the $ 43,000 to $ 41,000 range. Not only is the previous long-term, but also the upper limit of the previous long-term accumulation zone from Q2 2021. Now we only have to wait for the price to behave when in contact with this zone.

BTC did not maintain support. Source: TradingView

BTC continues to correct

In a bullish scenario the price would manage to maintain the mentioned support zone. To do this, however, the price needs to create lower volatility and, most importantly, to confirm higher bottoms in the long run and break the maximum between them. Until then growing trend and turnover confirmed. Therefore, it is too early to claim that the price has found a minimum.

In a bearish scenario would not be enough either support and the price would look bottom lower. Although RSI indicates oversold, the price may still fall. Nevertheless, oversold predicts that the local minimum is close, albeit only in the short term. If the price maintains further support, the price of BTC continues in the accumulation phase.