BTC fell slightly yesterday and still failed to confirm another rising low. Nevertheless, there is still room for another slump, as the last level of the local minimum is at $ 34,000. But it still hasn’t changed sideway structure in which BTC is located, and we cannot say with certainty that the main cryptocurrency has ended correction.
In the short term, we remain bearish with a possible decline to the current growing support line above point 3. We are still thinking about the reverse pattern 123 bottom formation which will come into force when the price breaks resistance $ 46,000 in point 2. We see that the price has already created a double peak here.
Source: TradingViewThe current correction leg is not accompanied by higher volumes compared to the previous growth. So far, the volumes are on the side of the bulls. But that doesn’t mean the price can’t beat support. Additional support levels are then located at $ 33,000 a $ 29,000. Vice versa, the price has to beat $ 46,000.
To sum it up, in the short term we are bearish a long term bullish even if the price falls below the current for a short time support. BTC is probably in the accumulation zone and catches momentum after a long-term correction. In addition, the entire annual sideway structure will serve as a reverse zone in the future.
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