BTC also deepened the correction overnight and is at the level of $ 35,561 at the time of writing. Price thus still shows no signs of stopping and looking for the bottom. We are located in a zone between $ 30,000 and $ 40,000, which is the previous long-term accumulation zone. Will we go to the new bottom?
In the short term, it is almost impossible to determine whether the correction will be extended or whether we have found a local bottom. RSI however, it indicates oversold, which could at least mean that the price may stop in the short term. However, it does not talk about reversing the trend at all and may not even create a local minimum at the market price.
BTC deepens the correction
The latest spill doesn’t look like exhaustion bears and on the contrary it signals the continuing power of the correction. Now we have no choice but to wait for the volatility to stop, just like before the slump, and then wait for the signal to break the resistance of the previous maximum, which has never happened before.
In the long run BTC should keep level at $ 30,000, as this is a long – term local minimum, and BTC always reaches it growing. In addition, it is necessary to keep in mind that BTC is sideway since the creation of ATH. This structure is limited to $ 69,000 and $ 30,000 and will be a strong zone for the future development of the chart.