BTC contacted again $ 34,000 support and fell by less than 12% in a single day. The oversold is again on the RSI indicator, but there is both short-term and long-term potential for the correction to continue. Where is the next level of support? Is it even realistic to think about supports in the current situation?
The market price at the time of writing is at $ 34,824 and has hit support. Whether it will really be maintained is questionable, but probably the correction will continue, not only from a technical point of view. Next level support is located on the surface $ 29,000. This zone represents the level of the long-term previous bottom.
BTC is falling due to the war in Ukraine. Source: TradingViewBTC will continue to fall
BTC can probably create a local low of around $ 34,000 and bounce back, but in the long run it has never created a rising minimum or rising maximum. So far, so trend reversal not confirmed. For that, the price would have to exceed $ 46,000 and we are still out of this situation distance.
Bearish the script is also signed by declaration of war between Russia and Ukraine. This situation will affect markets around the world, and it is far from just the case of BTC. Therefore, the correction is likely to continue in the market and the current market outlook is not positive.
