BTC created the candle it represents in a single day daily fluctuation of up to 22% downwards. In the short term, the price is overheated. We are on short-term oversold, which can mean creating a local bottom, no trend reversal is not a current topic. This movement represents a capitulation of the present bull trend or are we in a classic correction?
The current correction force has shifted to 39% and it is a serious drop in price in a very short period. In the short term it is huge oversold which means the next hour the price is likely stabilizes at the current level about $ 47,000 to $ 48,000. As long as the market cools to this level, the correction is likely to continue.
BTC needs to cool down
Despite high volatility the correction did not change the long-term trend of BTC. Even the last minimum has not surpassed the previous one. However, this does not change the fact that BTC the next few days will continue the correction. We will have to wait for the volatility and reverse pattern to stop.
In the short term, therefore, the price will stand at the current level and then the correction will continue. Until we reach short-term rising lows and subsequently break the highs between them, the reversal will not be confirmed. However, this is unlikely to happen in the coming days.