BTC analysis – has the price bottomed the correction? The reverse pattern is still not confirmed

BTC still holds the last low and there is still a reversal of the trend and a long-term local low from which growth will begin. However, the rebound to the growing trend may not occur immediately and the price may slip into the sideway structure. It is interesting that many altcoins are already in such a sideway structure and BTC is not enough for them. The result is dominance correction.

The market price is currently struggling with resistance from local maximum corrections. If it manages to overcome it, it is possible that BTC will create a sideway structure. Target is in the $ 60,000 to $ 61,200 zone. Here is point 2 from the potential pattern 123 bottom formation. If this pattern is to be valid, point 2 must be punctured.

BTC / USD 4H. Source: TradingView

BTC may be at a long-term low

In addition, the price awaits strong resistance even at the point of control $ 61,200. It is thus possible that the price will not overcome this resistant zone on the first try and thus create a short-term sideway structure. The breakdown should be accompanied increased volumes which, as we can see, has not yet happened.

It is still true that until the price exceeds point 2, the reverse pattern will not be valid. The most bearish scenario in the short term, we are still monitoring at $ 53,000. There is a long-term previous local maximum. If the price tests him, it will be about again bull signal.