BTC analysis – does the price will move sideway or fall to a new minimum?

BTC has created a corrective leg and is currently shaping short-term local minimum. If this minimum is maintained, it is possible that the price of BTC will continue sideway. However, it is too early to identify the sideway movement, and therefore it is necessary to take into account the correction and possible downward movement to a new minimum.

Although BTC has ended the declining flag that has flown since ATH, it still does not create not a single growing maximum. The last 123 top formation was created roughly at the previous maximum and thus definitive trend reversal has still not been confirmed. However, the market price seems to be shaping the local minimum.

Does BTC create a sideway movement? Source: TradingView

BTC in sideway movement?

BTC price is located just above the main support zone $ 31,000 to $ 38,000. It is this zone that can be crucial in shaping the definitive bottom of the correction. BTC gains momentum, but a real upward rebound can occur in a few months. In the meantime, it is possible to create another declining minimum.

The most bearish scenario is on the surface MA200 on the weekly chart. It is currently at around $ 20,000, but the indicator is growing over time. The game also includes testing the previous resistance of the flag as a new support. Resistance which we follow, on the other hand, represents a double peak at $ 45,000.