BTC analysis – correction continues, where is the next support?
1 min readBTC is still in correction, and the latest downturn confirms this. Again, the price respected MA21 for the period 4H. Subsequently mild BTC overflow it also brought with it the altcoin market, which was reflected only in a slight increase in dominance. Where is the next support for the main cryptocurrency?
BTC continues the short-term sideway structure and is probably heading for a new one support $ 44,000. This support is the first target of previous growth from $ 29,000 to $ 53,000. It is located on 38.2% of retracement from this growth. In addition, the last maximum occurred at the point of control, which also confirms the rather bearish scenario.
BTC still in correction
Additional support is located on $ 42,150, where the weekly MA21 is located. At the same time, we are also interested in value $ 41,000, which in the past separated the accumulation zone from the current growing trend. The key support zone is therefore between $ 42,000 and $ 41,000. If the price creates a long-term local minimum somewhere in the area, it will be about great opportunity to buy more.
On the other hand, the price may fall below this support in the short term. If we fall there for a longer period, we will still wait for growth. Vice versa, bull target is at the level of $ 47,100, which represents the upper limit of the current sideway structure. Volumes are still minimal and therefore higher volatility is likely to occur in the near future.
