The Bitcoin (BTC) price has fallen sharply and is recording great losses. The Bitcoin course quickly lost value. This is also known as a BTC dump. The picture shows a crumbling Bitcoin price on a descending price graph.
Many investors are waiting for the Bitcoin price to row back one more time. This would not only benefit the buyers on the sidelines. A correction would also help the totally overheated market to gather new strength for even higher prices. For this we want to look at the support zones on a weekly, daily and 4-hour basis.
Bitcoin price remains strong in the weekly chart
After the break of the old all time high of 2017, the Bitcoin Evolution price is still on a rapid rise. Every slight downward correction is bought back immediately. The cops are full of power and don’t give the bears a chance. There is still an upward market structure.
The Relative Strength Index (RSI), an indicator that shows purchasing power, has been in the extremely expensive range for eight weeks now. The longer it stays that way, the more severe the correction should be. This should definitely please long-term investors hoping for prices well below $ 30,000.
Nothing new in the daily for the Bitcoin course
As in the weekly chart, the uptrend remains bullish. Permanent purchasing power is reflected in new all-time highs almost daily. Despite the one or the other longer wicks down, the trend is in tact. Each bearish candle regulates the overbought RSI down a little.
The next major support zone is, as before, between $ 22,800 and $ 23,850. Below that, the zone around the all-time high from 2017 from $ 19,400 to $ 1,900 from the weekly chart becomes interesting. Should this zone break as well, the support at $ 13,800 will stand in the way of the bears.
Take the opportunity now and trade Bitcoin and other cryptocurrencies on Bybit!
75% of private CFD accounts lose money. No EU investor protection.
Violent movements in a small time frame in the Bitcoin course
The 4-hour chart is currently in great demand, as you can find good entries in this time unit. The key levels serve as decisive resistance and support. In the last candle you can see that the key levels play an important role. The Bitcoin price touched the 4-hour key level at $ 34,500, only to rise again above the next 4-hour key level.
If you look at the upper 4-hour key level from our last report , you can see that this has now held up as support.
Combined with other analysis tools, you could place a long order at $ 34,500 and would have taken profits above that at the 4-hour key level. If it was that with this small correction for the Bitcoin course, the Bitcoin course could now rise further to 46,600 dollars. A further decline would not find a support zone again until the 4-hour key levels of $ 28,800 and $ 29,360.