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BTC analysis – closes 4-month pattern, we can expect a correction

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BTC is currently at the previous short-term local minimum, which means probably the correction will continue. There was no significant upward reflection and volumes are also not present. The current level of $ 39,000 is significant in the long run, and if BTC does not maintain it, it awaits us increased volatility.

The nearest support which we will monitor, is on $ 37,000 and $ 35,000. These supports result from local mines bear flag which the price is currently trying to end. This flag is significant and current in time since the beginning of 2022. Upon its completion, the price may enter another long-term correctional leg.

Bitcoin is heading for 37,000Source: TradingView

BTC closes the bear flag

The coming days will be crucial, so it is essential to expect higher downward volatility. In the short term, we are bearish but we remain in the long run bullish. In addition to the supports we mentioned, we will follow supports on $ 30,000 and MA200 on the weekly chart.

These two supports represent an ideal accumulation area in the long run. MA200 even defines long-term local bottoms and its contact with the price is always an opportunity to buy. For now, however, we will be monitoring mainly in the short term supports at $ 37,000 and $ 35,000.Binance

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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