In the end, BTC was unable to create a local minimum even in the short term, so it is currently attacking previous minimum $ 33,000. The correction still does not end and the question remains whether at least a sideway structure will be formed. However, the price would have to create a rising minimum for this, which may not happen at all.
It is possible that the price will initially bounce slightly up from a low of $ 33,000, but it looks like we will go to a new local low. Nobody knows exactly where the price will stop, but there will probably be some stop at the main one accumulation zone $ 30,000 to $ 40,000.
BTC is still under correction
In the event that the price continues to correct in the long run, most bearish scenario the one I’m watching is MA200 on the weekly chart. This indicator is currently hovering around $ 20,000 and rising over time. For now, however, we will be watching support at $ 30,000. This scenario does not necessarily occur.
If we wanted to think about reversing the trend, the price would have to exceed the last maximum of $ 45,000. However, we are still far from this scenario. Volumes are still low and although the RSI indicates an oversold threshold, there is room for continued correction in both the short and long term.