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BTC analysis – are we in a short-term correction or is the trend at the end?

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BTC is only in short-term correction
Source: my name is Jacco

BTC still continues to correction structure and definitively left the sideway structure. Dominance, meanwhile, declined slightly, indicating that the alto fell a little less. Is the market only in a short-term correction, or has the price reached the ceiling of a growing trend? Let’s take a look at BTC’s short-term prediction and potential supports.

Current correction reached almost 20% and it’s not about that an exceptional fall. Corrections usually range from 30 to 40%. So there is still room for collapse, albeit in the short term the price will soon create a local minimum. RSI indicates the beginning of a positive divergence in oversold, which is always a signal to create a minimum.

BTC / USD 4HBTC / USD 4H. Source: TradingView

BTC does not change the long-term trend yet

However, this minimum can only be part of the correction structure. We don’t know where to know yet, but we know that if a reversal occurs, then bull target, which we will monitor, is about $ 61,400. However, then a peaceful correction can continue. The market price is already in the support zone that is defined from $ 58,000 to $ 54,000.

An important point to maintain or testing is sure the last long-term maximum at $ 53,000. If the price could test it, it would be a bullish signal. In the short term, the price needs to cool down and create 123 bottom formation and break through MA21 to reach the target. The most bearish scenario is that the price goes to another support zone from $ 49,000 to $ 46,000. However, this is not yet relevant.

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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