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BTC analysis – the price fell by up to 19% in a single trading day!

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BTC analysis - the price fell by up to 19% in a single trading day!
BTC in correction. Source: Olszewski

BTC finally reached a maximum of $ 53,000 entered into a sharp correction. The price fell by almost one-fifth in a single day, and the decline dragged the altcoin market with it. As a result, the dominance increased slightly, which means that the altcoins fell a little more. However, this is not a big difference. Where will the price go now?

BTC created a low price at $ 42,900, but the close price closed at first support $ 46,500. It is also a support of the previous two-week sideway structure. However, as long as the price continues to rise, another correction is in play. Either v-shape recovery will occur and the price from the market value will go up, or the correction will continue with less force.

BTC / USD 4H.  Source: TradingView
BTC / USD 4H. Source: TradingView

BTC fell directly into oversold

The main support we are monitoring is on the surface $ 42,500 to $ 41,000. Ide o support zone, which separates the accumulation zone from the growing trend. If the price were to test this zone as support and then continue to grow, it would be a strong bull signal. Long-term sentiment or the predictions have not changed yet.

RSI shows that it has fallen from the level of moderate overbought to the limit of oversold, in a brief moment. Such a sharp decline in RSI was not recorded even during the entire May slump. According to the RSI, there is not much room for a sharp correction to continue. The decline is still relevant, but not so much. Volumes they also made several multiple numbers out of nowhere compared to growth.

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.

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