BTC analysis – correction is not completed, but we remain bullish for a long time

BTC continues the downward trend and the price still respects MA21 for the 4H period. Meanwhile many altcoins this indicator has already broken through and achieved better retracement than the main cryptocurrency. This was also reflected in the dominance, which again fell below 41%. Volumes are still declining and their minimum value heralds an increase in volatility.

BTC Although it creates declining highs, the price has not yet created declining lows. In the short term, we are therefore a sideway within the correction. If we overcome MA21, the nearest target is at the level of the upper boundary of the sideway structure $ 47,100. If the price of the sideway structure it flies down, the first target is on the surface $ 44,000. This target results from 38.2% retracement of the entire previous upward trend from $ 29,000 to $ 53,000.

BTC is a short-term sideway, a long-term bullish

Another target that is for now BTC the most bearish is on zone from $ 42,300 to $ 41,000. This is key support level, which the price should maintain if the rising trend is to continue. The value of $ 42,300 represents MA21 on the weekly chart and is a supporting indicator from a historical point of view. The second value of $ 41,000 represents the upper limit of the previous long-term accumulation zone.

RSI meanwhile, it converges with the graph and volumes are at minimum levels. Volumes and volatility are likely to increase soon. In the long run, sentiment has not changed and we are still in trend. If the price sets a long-term minimum above $ 41,000, it will be great opportunity to buy more before the next bull run.