BTC analysis – a drop of another 12% in a single day, the correction continues

BTC respected resistance flags and continues the downward trend. BTC failed to confirm the potential reverse pattern. Plus, we didn’t keep up support at the level of $ 40,000, which means that the price is still failing and the correction is not receding. Where are the other supports and targets?

BTC entered the accumulation zones between $ 30,000 and $ 40,000. This whole zone is characterized by a strong volume of transactions and could thus serve as a stepping stone. However, it is not possible to estimate at what value it will be. The point of control is located on the surface $ 37,150. Here, too, it is true that the price must reach higher minimums and, consequently, maximums.

Source: TradingView.

BTC is falling apart again

The market price fell by 12% in a single day which may mean that we are close to the local minimum. This is also indicated by the RSI, which has re-entered the oversold zone. Despite the fact that a minimum is forming, we are still far from bouncing the trend. It should not be forgotten that this may still be the last definitive wash before continue to grow.

In the long run, BTC is located in the reaction zone, with resistance in the ATH zone and support at the $ 30,000 level. This zone will be important for the future development of the price. But BTC would have to maintain the level of $ 30,000. In the meantime, we will be watching when BTC notices reduced volatility again.