BTC analysis – the price has dropped below $ 40,000 and the correction still does not end
1 min readBTC 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.
BTC fell below $ 40,000. Source: TradingViewBTC 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.
