BTC analysis – $ 30,000 support failed, price goes to absolute bottom of correction

BTC recently failed on support $ 30,000 and did not hold it. The decline continues and the current weekly candle is even yet most volatile among the candles of the current correction. This drop is key and tells you where the price goes. We are in an underestimated phase on the logarithmic graph.

Today we will look at the weekly chart, as there is no sign of reversal on the 4-hour watch and the price is in a running correction. As we can see in the chart below, the price is heading for the key again after 2 years support MA200 on the weekly chart (blue curve). At this time, this represents a value of approximately $ 21,800.

BTC is heading for the absolute bottom. Source: TradingView

BTC is heading for the absolute bottom

We will be particularly interested in closing the weekly candle in the event of contact with MA200. At that moment, the candle should be close with your body on this indicator. Similar to the outbreak of the COVID pandemic in March 2020. In the short term, the price may fall below the MA200 for a few days.

RSI shows the limit of oversold just during March 2020 and at the previous long-term low in December 2018. A similar scenario is possible now.