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BTC analysis – are we waiting for another correction leg or are we continuing to grow?

1 min read

BTC continues the short-term sideway structure and its further movement will be affected as well altcoin market. They continue to gain dominance and BTC has a market share of only 40.65%. Many altcoins have been fired upwards since the correction. However, BTC still remains between 38.2% and 50% retracement.

BTC it creates such sideway structures almost always during corrections. Usually, however, these correction legions are created 2 or 3 times in a row. So far, we have created only only leg. It is therefore likely that the price may fall for some time to come. Where is the support we will monitor in this scenario?

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

BTC remains sideway

The main support that will interest us is worth around $ 42,000 to $ 41,000. At $ 42,380 is the weekly MA21, which serves as support. The level of $ 41,000 represents the value that separates the previous accumulation zone from growing trend. This whole zone should be maintained if we expect the trend to continue to grow.StormGain

In case the price did not keep this support zone, it is possible that we will wait much longer for growth. In the short term it is resistance at $ 47,500, where MA21 is located on the 4-hour graph. If we overcome it, we can go to a growing leg. However, the correction still ends not confirmed.

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