BTC analysis – growing leg is only part of the correction. When will the bull trend be confirmed?
1 min read
BTC continues its short-lived growing leg, which so far is only part of a longer-term correction structure and is not supported by volumes. But let’s see where this leg could potentially end up and where they are located resistant bands. BTC dominance continues to make a long-term correction.
BTC set the last high at $ 52,000, which is not enough and would have to overcome the last long-term high to reverse the trend, which is up to level $ 59,000. The current trend is not even supported yet growing volumes and so we most likely remain in correction for the time being.
BTC / USD 4H. Source: TradingViewBTC may create a long-term minimum
The last minimum could be formed at MA21, which would create a price short – term support. However, the minimum at this point has not yet been confirmed. The nearest resistance are located on the surfaces $ 54,500 and $ 57,200. After creating the maximum of the whole leg, we will be primarily interested in the position of the next minimum.
If the price creates a declining maximum and a consequently rising minimum, then we will be in sideway structure. This could potentially mean an accumulation zone before further growth. In any case, we are only at the beginning of this potential sideway structure, which after all may not even be confirmed.
