BTC continues in the corrective structure and despite the last rebound still did not confirm the definitive bottom. The key is to create a growing minimum. Let’s take a look at the potential target of the current chart development and also at the potential bearish scenario. Will BTC be able to stop at the last minimum?
BTC is currently trying to test the previous several-day sideway structure as support on the surface $ 42,650. If he succeeds and creates a minimum here, the price will go to resistance roughly $ 45,600. However, even reaching this level would not definitively confirm the end of the correction.
Source: TradingViewBTC continues the sideway structure
In case BTC didn’t keep short in the end support at $ 42,650, the most important thing would be to respect level around $ 40,000. If the price falls below the previous minimum, the correction could be extended to the next support at $ 37,000. The level of $ 40,000 is a significant support in the long run, but it does not mean that it cannot be overcome.
Dominance in the meantime it has created a declining minimum and the chart has been declining for a long time. It is quite possible that we will look again at historical lows up to a zone of around 36%. A short-term increase could occur if BTC started new growing trend and capitalization would begin spill over. In the long run, however, we are more of a bearish dominance.
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