BTC continues to shape bear flag and in the short term will be continue to decline up to the nearest support zone level. Meanwhile, the dominance of the main cryptocurrency is also declining, reaching 41.71% at the time of writing. We can also expect the declining trend of dominance to continue.
In the short term, it is the closest suppot level at approx $ 42,000. BTC has already contacted this zone, but so far without bouncing. Above all, however, we will follow the more important ones support in the zone from $ 39,000 to $ 40,000. In addition to being support the current flag, it is also an important reverse zone throughout the last year.
Source: TradingViewBTC in a bear flag
When forming a local minimum, it would be ideal to create increasing short-term minimums. Most importantly, the price must keep the last long-term minimum at $ 37,500. Otherwise, it is also realistic bear scenario – to $ 29,000 – $ 30,000. This support area defines the lower limit of the sideway movement of the last 16 months.
The RSI indicates the oversold threshold, but only in the short term. This means that the price still has room for further decline in the long run, Bullish The trend is in sight since volumes are minimal in addition, the offer on the stock exchanges reaches new lows. In the long run, however, we remain bullish.
- President Trump Inaugurated, but Bitcoin Price Plummets: What’s Behind It? - January 21, 2025
- 🔥 THE BIGGEST SCAM OF THE CENTURY? 🤯 Should Satoshi Nakamoto Deserve a Nobel Prize or Not? - January 20, 2025
- Russia and Iran are working on an alternative to SWIFT: A new financial order in the making? - January 20, 2025
