BTC is currently continuing a correction and recently created 3% drop in a single hour. This is an important candle that she has confirmed ending the bear flag which has been current since the beginning of the year. So let’s look at what support levels it is necessary to monitor and what it looks like with the price for the near future.
In the short term, we monitor supports in zones $ 39,000, $ 35,000 and $ 30,000. It is the zone around $ 30,000 that represents the lower limit of the entire sideway structure, which has been formed since the beginning of 2021. In the short term, we remain bearish and vice versa in the long run bullish.
BTC is heading for $ 35,000
Until the price creates a halt in volatility and rising lows and highs, there is no reason to talk about reversal. In addition, RSI also reaches a neutral phase in the short term and there is room for continuation of the collapse. So far, we are also far from positive divergence. Even the reversal of the trend would currently only be due to the last correction leg.
If we wanted to identify a reversal of the long-term correction, we would have to exceed the long-term maximum of $ 48,000. However, we will not look at this value in the near future. On the other hand, it is possible that we are in the final phase of correction and just a fall on main support $ 30,000 will mean the perfect time to buy.