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 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.