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BTC analysis – the price still holds support at $ 41,000, but the reflection still has not come

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BTC recorded yesterday minimum volatility and the price more or less stagnated on the main support which will currently need to be monitored. However, it is too early to say that the price will keep this support, because it is only two days that the price respects it, which is a very short time. In addition there was no significant reflection from this support.

If we want to think about creating a bottom, the price must be clear bounce off the current minimum which is not happening yet. Even if that happened, we would be far from reversing the trend. This would only happen if the price exceeded point of control at $ 47,700. However, we do not even know if we are at the local minimum.

Bitcoin still holds supportBTC still holds support. Source: TradingView

BTC still holds support

The fact that BTC is on the back does not mean that this support will be respected. Therefore, it is important to take into account bear scenario. In this scenario, the price will not maintain support and will continue to correction. But where is the next support area? The price would fall to the previous one accumulation zone from $ 30,000 to $ 40,000.

This accumulation zone is key to maintaining the whole growing cycle. If the price falls below this zone, it is quite possible that the growing cycle would be disrupted in the long run. However, the price could also stabilize here and, after rebounding, continue the long-term growing trend and the discovery of new ATHs.

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.

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