BTC analysis – what needs to be followed during the next correction leg?

BTC continues its long-term correction structure and is also declining again in the short term. Many altcoins also follow this decline. Nevertheless dominance of the main cryptocurrency has not seen a significant change in the trend and is constantly reaching declining lows and highs. Where is the next support?

BTC is currently in the end of the support area at about $ 45,500. Additional support is then located at level $ 41,000. At present, it is likely that the price is in another corrective leg. It is essential that this leg is created higher local minimum than the last.

BTC is still looking for a bottom

If an increasing low is formed, we can think about sideway structure. However, even this structure can only be part of the correction structure. We are quite far from overcoming resistance from local highs. In the current situation, we cannot identify whether she was correction completed.

In shaping the trend reversal, it would also be necessary to achieve growing volumes on the side of the bulls. They are still absent today. Even if the correction has already found its bottom, it needs to cool down and gain strength.

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Margharet Tess

Editor, Developer at Cryptheory Labs

I have been active in the cryptocurrency world for over 6 years, during which I have written countless articles about this sector. What fascinates me most about cryptocurrencies is their technological aspect and the problems they aim to solve. In the past three years, I have ventured into app development and am currently working on a larger project called P2E Buzzer. Stay tuned for the surprise. 🙂 My previous experiences: Business2Community.com, TradingPlatforms.com

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