BTC continues in the long run correction structure, but it shows the first signs of recovery after the price managed to rise from a minimum of $ 42,000 already by 21.50%. At the time of writing, the price is close to $ 51,100. The question therefore remains whether the current growth will exceed the last maximum or whether the price will continue to consolidate.
The current growing leg is not supported bull volumes and they even lag behind the volumes of the previous sideway structure. It is so likely that the price does not create a higher local maximum as before. The last long-term maximum is at the level of $ 59,000. However, there is room to continue the sideway.
Has the price of BTC found a long-term bottom?
As we said in previous analyzes, the game is creating a sideway structure. In the short term, the price has created rising lows and the next maximum is likely to be lower. In such a case, this could mean that the price of BTC creates a long-term low and a short-term sideway move before the next growing trend.
The key is to maintain last minimum $ 47,100. The nearest resistance zone is at the level of $ 54,000 and there the price could probably rise in the short term. It doesn’t change that correction structure the current one from ATH is not definitively terminated. For this we will need a higher maximum and reverse pattern confirmation.