BTC has kept the level just above the last few days $ 40,000 which is one of the key support zones. However, volumes do not indicate a reversal of the trend. Will the price be kept inside the bear flag, or will we look at a new minimum? The dominance, meanwhile, has fallen slightly to 41.44% and is still in a corrective structure.
In the short term, the price could continue sideway and if there is a bull leg, then I expect the price to stop in the area of the first resistance of about $ 42,000. On the other hand, lower support zones also need to be monitored, as on-chain metrics speak of accumulation phase and this can take several months.
BTC still holds $ 40,000. Source: TradingViewBTC holds $ 40,000
The first support zone is current $ 39,000 to $ 40,000. Subsequently, it is necessary to monitor the zone around $ 36,000 a $ 30,000. The area around $ 30,000 is defined as the bottom support line the entire sideway structure, which has been in place since January 2021.
The most bearish scenario in the meantime we follow on MA200 on the weekly chart. If the price reaches this area, then it will be an ideal shopping area in the long run. During that time, the MA200 could climb from the current $ 21,000 or a few thousand higher. the area from $ 30,000 to MA200, it is an ideal shopping area.
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