Cryptheory – Just Crypto

Cryptocurrencies are our life! Get an Overview of Market News

BTC Analysis – Price falls below support flag, correction continues

1 min read

BTC still continues to correct and managed to reach the declining minimum and maximum again. It seems that the end of the flag is approaching and the 4-month pattern ends. So let’s take a look where is the next support and what bear scenarios might look like. The dominance, meanwhile, jumped to almost 43%.

Despite closing the flag, there has been still no increase in volatility and the sale is still not present. However, the price has already come under point of control, which means that support did not last. The only time I can set bullish would be an immediate shot back to the point of control, similar to the last long minimum of the flag.

Bitcoin ends the flagBTC ends the flag. Source: TradingView

BTC ends the flag

If we want to think about reversal, then the price needs to overcome the declining resistance of maximum correction. However, this is only the first step. Subsequently, the price must exceed the last maximum, which is about $ 41,000. The first signal could be a rising minimum, which is also not present.

The nearest support we are watching at $ 35,000. We monitor in the long run support on the $ 30,000. In the short and medium term, I am set bearish and long-term bullish. I expect the prize to create this year absolute bottom of correction and a new trend begins. The market is here in the accumulation phase.

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.
BlackRock (IBIT), the Grayscale Bitcoin Trust (GBTC), Fidelity (FBTC), Ark Invest/21Shares (ARKB), Bitwise (BITB), Franklin (EZBC), Invesco/Galaxy (BTCO), VanEck (HODL), Valkyrie (BRRR), WisdomTree (BTCW), Hashdex (DEFI)

Leave a Reply

Your email address will not be published. Required fields are marked *