BTC analysis – drop of 40% in 10 days, the price cannot find support
2 min readBTC continues to free fall and did not respect the stop on $ 20,000. It is currently trading well below the weekly indicator MA200. The closing of the weekly candle will take place under this indicator for the first time in history. BTC has lost 40% in the last 10 days which is one of the biggest corrections in such a short time.
BTC was traded today tightly over $ 18,000. This is the first time in history that a major cryptocurrency has fallen back into a previous cycle. From a technical point of view, it is the closest support in the zone from $ 12,000. Huge transaction volumes are starting in this zone.
BTC and free fall. Source: TradingViewBTC in free fall
Interestingly, the last BTC slump meant high fall of dominance. It fell by a few percent this week. This speaks to the fact that altcoins are slowly but surely reaching their bottom and have nowhere to fall. However, this process can take several months, and therefore is entry still risky.
Although the correction is in the final stages, it may lower the prices of cryptocurrencies even lower and profits may be in sight. Therefore, one of the strategies is gradual purchase of cryptocurrencies.
BTC is in a declining trend in the short and medium term, but we still remain in the long run bullish. The correction is not over yet and we do not see any sign of its end.
