BTC analysis – in the short term we remain bearish, the price is in the fault zone

BTC continues to decline in the short term and is heading for its previous local low. It is still true that he continues to sideway structure and this decline has not yet disrupted the structure. However, the opposite can happen when the price exceeds support and the correction structure will continue and the current sideway structure will only be part of it.

The price is short term bearish, but a local minimum will soon form. If it forms above point 3, then the sideway movement continues and a potential reverse zone that can definitively end correction. Conversely, if the price sets a minimum below point 3, we are heading for support $ 33,000 a $ 29,000.

BTC is declining for a short time. Source: TradingView

BTC remains a sideway

If the price closes even under the current sideway structure, then there is no reason to panic and we still need to keep the break of the previous maximum. So far, this resistance located on the surface $ 46,000. Its breakdown would currently be a confirmation of a growing trend and a new one target to $ 50,000.

RSI is on the verge of oversold in the short term, but it is enough to look at the previous contact with this level and we see that the indicator speaks only of a slowdown and there is still room for a short-term continuation of the correction. That is why we remain set for today bearish although in the long run BTC is probably in accumulation zone.