BTC is still in corrective leg and looking for a short-term local bottom. The bottom may form soon, but we are still a long way from reversing the trend. So let’s look at the potential bounce zone and where the price could be found support area while continuing the current correction leg.
In the short term, there may be a rebound in the zone $ 36,500 or $ 33,000. The price has already tested the first level, but so far we cannot say with certainty whether the local minimum is confirmed at this level. Therefore, it is quite possible that the next stop will be the zone around the level of $ 33,000.
BTC is approaching the minimum
If the price still did failed to sustain support at the $ 33,000 level, so we will monitor support in the zone $ 29,000. As we can see, BTC will slowly but surely reverse the trend, but it may take several months. To confirm the price growing trend needs to beat a maximum of $ 45,800.
In the short term, we remain for the time being bearish but in the long run the price is likely to break the corrective structure and the trend will be bullish. It should also be borne in mind that the price of BTC is currently trading in the strongest support area from $ 30,000 to $ 40,000.