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BTC analysis – at this price there should be an absolute bottom of correction

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Binance

BTC has fallen below $ 30,000 again and continues to move sideways, which is limited by $ 28,700 and $ 31,400. However, I expect that this sideway structure will end soon. There is even a short-term upward trend in the game, but it will probably only be a part of it correction structure.

If the price manages to overcome resistance $ 31,400 so in that case we can target $ 35,000. It’s a resistance zone of the maximum correction leg in which the price is located. On the other hand, we are watching bearish scenario when the price does not hold support $ 28,700 and we will go to the correction immediately from the sideway structure.

Bitcoin fell below $ 30,000 againBTC fell below $ 30,000 again. Source: TradingView

BTC again under $ 30,000

Current volumes they are minimal during the sideway structure and do not indicate that the price should form absolute bottom of correction. If they continue to be missing bullish volumes may not even increase to $ 35,000. On the contrary, if we saw a sharp increase in the breakdown of the structure bullish volumes, the trend could continue even higher.

We monitor in the long run support on a moving average indicator over a weekly period – MA200. It currently represents roughly $ 22,000 and in the past, this indicator always symbolized the absolute bottom of the correction and subsequently it took a few months to bullish the trend confirmed.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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