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BTC analysis – is the price at a long-term minimum?

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BTC has moved slightly downwards since yesterday, but still the current sideway structure applies, looking for a higher short – term minimum. Not a single minimum has been growing since ATH, and therefore trend reversal has not yet been confirmed. Has the price reached the long-term local bottom, or will the correction continue?

As we can see in the chart below, the price could not beat up to 5 times in a short time resistance at around $ 59,300. In this zone, there is even MA21 in the period of the daily chart. So far, we are still in a sideway structure, with we must reach a growing or at least the same local minimum as before.

BTC / USD 4HBTC / USD 4H. Source: TradingView

BTC is a short-term sideway

The last local minimum was at the level of the previous long-term maximum of about $ 53,000. Testing the previous maximum as support is still bullish signal. However, this does not mean that the price cannot return here in a short time. It is above this level that the price should create another minimum and only then can we think of reversal.

If a higher minimum occurs, reverse pattern will be confirmed when the price exceeds $ 59,300 and then the bullish trend will be confirmed. Conversely, if the minimum occurs lower again, let’s look at support area $ 51,000 to $ 53,000. Either way, it’s still true correction is normal and mild compared to the previous ones.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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