BTC still continues in slightly increasing trend but it is more about the exhaustion of bears than the strength of bulls. Volumes are missing. At such a pace, the trend can not last long, and therefore we must reckon with ongoing correction. Nevertheless, in the short term, there may be one more growing leg before the final surrender.
Bullish scenario I’m following on $ 32,000 or at maximum level resistance of the maximum correction, which represents roughly $ 35,000 to $ 36,000. I do not see this for a bigger move at the moment and I rather expect a continuing correction from the outlook for the coming months. With the ongoing correction, we will mainly monitor the position of the local minimum.
BTC and missing bull volumes. Source: TradingViewBTC and missing bull volumes
The market price of BTC is therefore short term bullish medium term bearish and long term bullish. Although the price is reaching long – term declining lows and we are in correction phase, we can expect a slightly increasing trend within the correction. In the long run, we take into account support for MA200 on the weekly chart.
The long-term bottom of the correction could occur at a level just above $ 20,000, where this indicator, which represented bottom correction even in the past. In the short term for a few days we could fall down even under this indicator, but if the price really goes there, we will mainly watch the closing of the weekly candle.
