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BTC analysis – will the price drop to $ 30,000, or will it bounce sooner?

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BTC has stopped volatility in the short term and continues to correct the structure. Meanwhile dominance continues to grow in the short term. This means that altcoins have suffered a larger decline than the main cryptocurrency and the indirect ratio of dominance and BTC prices continues. However, the last stop does not seem to be confirmed bull volumes.

The price is in the range of previous accumulation zone between $ 30,000 and $ 40,000. The important thing is that we only got into it recently and we are in the first leg within this zone. Therefore, it is too early to talk about finding support, respectively. about some price structure. However, everyone expects whether the price manages to maintain the level of $ 30,000.

Bitcoin did not find a bottomSource: TradingView

BTC is looking for a bottom

If the price really dropped to $ 30,000, the first impulse would surely be a bounce upwards. However, we must not forget quantity of sales orders below this level. Therefore, it is possible that after the initial rebound, the price would fall below this level, if the pressure of the bulls was not sufficient. However, it is too early.

On the other hand, if the price finds support at $ 30,000 or earlier, it continues to be long-term sideway structure between $ 69,000 and $ 29,000, which represents a very strong area for future BTC reflections. In the short term, the price is not yet did not confirm local minimum and not yet a reverse pattern.

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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