BTC has not seen much change in the last 24 hours, and the price has respected support, which is still at $ 41,000. A triple bottom has already been created here and sideway structure it is still up to date. However, what has not changed is volumes. We will need them much higher to break through the sideway structure. The correction structure thus does not indicate completion yet.
BTC has been continuing the bull flag since the beginning of September. Under this flag, the price is just above the $ 41,000 support in the sideway structure. The last minimum also respected this support. This $ 41,000 sideway structure can be an area from which the price bounces and breaks the flag’s resistance. First, the price would have to overcome the resistance of about $ 45,300.
What if BTC doesn’t keep $ 41,000?
If the flag is broken, it would be quite likely that the price will start a new bull wave in the long run. For now, however, the current sideway structure looks similar to that of September 7-13. Volumes are missing and the price is stagnant. Even in the previous case, RSI indicated convergence with the price chart.
If the price does not support $ 41,000 support, it is quite likely that we will go to a lower minimum and the nearest support will interest us at the level of $ 38,000. The area of around $ 38,000 is also an area of support for the upper half of the long-term bull flag which is current from ATH. The $ 41,000 and $ 38,000 levels are therefore the main supports we will be monitoring at the moment.