Cryptheory – Just Crypto

Cryptocurrencies are our life! Get an Overview of Market News

BTC analysis – the price has dropped below $ 40,000 and the correction still does not end

1 min read

BTC is traded closely at the time of writing to $ 40,000. This is where the key support zone is located. Will the price manage to maintain this level or not? Meanwhile, the dominance of the main cryptocurrency has dropped to 41.80% and has been moving sideways since the beginning of the month.

Although the price got important support $ 39,000 to $ 40,000, it is still not confirmed that it will keep it. In the event of a rebound, I would expect a rebound to a maximum of $ 42,000 and then the correction would continue. However, such a rebound may not occur either. So let’s take a look at bear scenarios for BTC.

Bitcoin fell below $ 40,000BTC fell below $ 40,000. Source: TradingView

BTC fell below $ 40,000

The first bearish scenario is to test the level of previous long-term lows at around $ 35,000 to $ 34,000. However, it is likely that if the price fell to this area, it would go to key support $ 29,000 to $ 30,000. Let’s not forget that BTC has been in a flat sideway structure for 16 months now support.

RSI in the short term, it shows a strong oversold, which may confirm the aforementioned rebound of $ 42,000, but it is only a short-term matter. On the daily chart, RSI still has room to fall and does not show signs of oversold. In addition, it still applies volumes are minimal.

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.

Leave a Reply