BTC reaches rising lows in the short term, but the trend weakens and the question arises again whether another correction leg for new support. Dominance of the main cryptocurrency meanwhile still reaches declining lows and highs in the long run. So let’s see where the next support is in the event of a potential downturn.
BTC Although he created a growing leg in the short term, he was not supported volumes. This leg is probably part of the correction structure that is current from ATH. The nearest level resistance is located approximately at $ 54,500. However, the current growth is already losing momentum and it is questionable whether we will get to this resistance at all.
BTC / USD 4H. Source: TradingViewBTC continues to correct
On the other hand, we are watching support at $ 43,000. This is the most bearish scenario I’m watching right now. Either way, we need to track where the next local minimum is created. If it is created higher or at the same level as the last one, it is likely to be created sideway structure.
Such a sideway structure could predict the cessation of the correction and a possible purchasing zone. However, it is too early to identify such a pattern. The scenario remains bearish and the correction has not yet been violated.
