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BTC Analysis – Price continues to correct and seeks a new bottom. Where can it happen?

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BTC continues yesterday at will decrease and still looking for a bottom. The market price is already attacking previous long-term bottom in the range of $ 41,000 to $ 42,000. We do not see any signs of a fall, although the price is likely to reach soon short-term bottom. Where is the next support if the price does not keep the mentioned minimum?

RSI indicates oversold, which means we are close to the local bottom. However, oversold is identified on the 4-hour chart and therefore in the long run this minimum is not significant and does not indicate a change in the correction. Let’s look at the next one supports in the event that the price does not end up maintaining this either minimum.

Bitcoin is still fallingSource: TradingView

BTC still hasn’t found a bottom

If BTC does not maintain the last long-term minimum, the next area is the previous accumulation zone, which is bounded by levels $ 30,000 to $ 40,000. This whole zone is basically a strong support and if we want to think about it continuing the cycle, so the price should not fall below it.

The area around the price is a significant support $ 37,000 where the point of control is located. However, we do not yet know whether the price will go to this zone or whether it will maintain higher support. We don’t see yet no signs of correction correction. For real trend reversal we will have to wait.

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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