BTC analysis – is there a final correction leg or a bounce from the bottom?

In the short term, BTC continues to sideway structure and still keeps the support of this structure at a level of approx $ 46,700. This zone can be the bottom corrections, but if the support is not maintained, we will look for a new bottom. The trend reversal has not been definitively confirmed, so we don’t know if the correction will continue.

BTC bounced back from $ 46,700 support, but is still reaching declining highs. The reversal of the trend could occur if the price succeeds beat point 2 at $ 52,000. There is also resistance from local maximum corrections in the same zone. The price would overcome two resistances and confirm the end of the correction structure.

BTC / USD 4H. Source: TradingView

BTC still has no power

But what if the price doesn’t hold $ 46,700? In such a scenario, the correction will continue and the volatility is likely to increase again in the short term. The next support zone is located approximately at around $ 43,000. So there is also the possibility that BTC will go back to the previous one long-term minimum.

Not only does the price not indicate the strength of the bulls to reverse the trend, but neither does volumes are not high. Any growth or breakthrough of resistances should also be accompanied by growth in bull volumes. However, the number of bitcoins on exchanges is still declining and therefore volumes may record smaller numbers in the future.