Cryptheory: NFT, Play-to-Earn, Crypto News

24/7 crypto news, cryptocurrency meaning, guides, learning, #cryptohelpschildren

BTC analysis – the price is falling again. Which level of support must BTC maintain?

1 min read

BTC could not surpass the previous ones short-term maximum at the level of 38,950 $ and the price continues to bear trend without sign of reverses. We will currently be monitoring where the next short-term local minimum is created. If we want to think of a short-term sideway structure, it must be higher than $ 33,000.

Still, the key resistance is located on $ 40,000 and it was this zone that has long served as support. In addition, there is resistance from the maximum correction. However, the price does not indicate the strength to break through this area. Even if we wanted to think about it reversal, the price would have to go above the long-term maximum of $ 43,500.

Bitcoin did not reach 40,000BTC did not reach 40,000. Source: TradingView

BTC was less than $ 40,000

If the price sets a minimum of over $ 33,000, a short-term sideway structure will emerge from which the price can bounce over resistance, but it is too early for this claim. Conversely, if the price falls below $ 33,000, then we look at another key support at $ 30,000.

We are still monitoring the weekly chart in the long run MA 200 as the most bearish scenario. This indicator is about $ 20,000 and in the past has always been an area of ​​long-term termination bear trend. Only time will tell whether the price will be looked at again. The indicator increases over time, and will soon exceed $ 20,000.

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

Your email address will not be published.