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BTC analysis – this is a scenario in case the prize does not maintain $ 30,000 support

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BTC has been holding for the last 24 hours $ 30,000 support area and the sideway continues. Meanwhile, its dominance has jumped back above 42% and continues to grow. It is the result of being the main cryptocurrency caused even greater losses to altcoin which, on the other hand, is nothing new.

The market price at the time of writing is around $ 31,200 and is trying to form a rising low. I expect in the short term create either sideway movement for the coming days and subsequent continuation of the correction, or immediate continuation of the correction. We are a long way from a reversal, and the price would have to form a maximum that it would subsequently overcome.

Bitcoin just over 30,000BTC just over 30,000. Source: TradingView

BTC holds $ 30,000 support

A possible drop below $ 30,000 would mean finding a new one price support. And really, it’s a real scenario unless bullish volumes wake up. The rebound of $ 30,000 was tragic. We will follow in this scenario 27 000 $. However, a total area below $ 30,000 can be considered long-term accumulation area.

The most bearish movement I’m expecting a weekly MA200 that reaches nearly $ 22,000. I assume that it will be formed in this price range long-term correction bottom. Whenever the price contacted in the past 1W MA200, thus forming the absolute bottom of the correction. If this is not the case this time, it will be the first time in history.

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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