BTC analysis – correction exceeded 50%, when will it reach the bottom?

BTC still unsuccessful looking for the bottom, but in the short term it seems that the price may bounce upwards. However, it is still under correction. However, the eyes of all participants are focused on the zone around $ 30,000, which defines the previous long – term local minimum. Can the price keep it or will we look at a new minimum?

The market price is $ 35,300 at the time of writing, specifically in the previous accumulation zone between levels $ 30,000 and $ 40,000. This whole zone is characterized by high transaction volumes. This zone can be reversed even in the case of the current one price decline major cryptocurrency.

Source: TradingView

BTC is looking for the bottom

Current bears correction is no longer just as common and achieves about 50% decrease. Despite such a strong correction, BTC’s long-term trend has not changed. Since reaching ATH, the price goes more or less sideway and this structure is bounded by the $ 30,000 and $ 69,000 levels. If the price manages to respect the same or higher minimum, the structure will continue.

RSI indicates high oversold and the price is likely to stagnate slightly, resp. to grow. However, we still have to wait for reduced volatility, the creation of rising mines and then to break the last maximum between them. Until then, the price may continue to fall.