BTC has hardly moved since yesterday and is still reaching lower lows and highs. So nothing fundamental has changed. Meanwhile, dominance is still growing. His eyes are fixed on level $ 30,000 and whether the price can keep it. Every support however, it can be overcome and therefore no need to rely on the previous long-term minimum.
At the next decline, we must monitor the position of the short-term minimum. The latter is located at level $ 33,000. If the price does not keep this minimum, it is highly likely that we will look at the aforementioned $ 30,000. However, even this limit does not guarantee stop correction.
BTC in correction. Source: TradingViewBTC in correction
If the price doesn’t hold $ 30,000, we’re watching most bearish scenario on the surface weekly MA 200. It currently stands at $ 20,000, but is growing over time. Of course, we do not have to fall for this indicator, but it is the main support where the price ended in the past bear trends.
Regardless of which of the mentioned supports the price bounces upwards, it is still true that BTC is in the final correction phase. However, the reversal of the trend may take several months and we can only see real growth in the second quarter. However, we must follow higher lows as soon as possible.
