In the short term, BTC continues to falling flag within the long-term correction structure and does not indicate a reversal of the trend. Although the market price is testing the previous short-term low, it has not yet been reflected. So there is also in the game continuation of the correction and creating another leg down.
The flag in which the price is located is not the first in the current structure. There was also a downward closure in the previous flag. It may look similar now. Volumes they do not indicate a turnaround in sentiment and neither does the price itself. In the short term, therefore, there is no change and the price is still reaching declining lows.
BTC / USD 4H. Source: TradingView
BTC still haven’t found the bottom
If we want to think about reversing the trend, the price needs to reach rising lows or at least the same. In addition, we also need the price to subsequently exceed the maximum between them and at the same time the resistance from the maximum of the whole correction structure. So far, however, the price does not even know how to overcome the resistance of the short-term flag.
Long-term support is located around $ 43,000, where the zone of the previous long – term minimum is also located. In the long run BTC throughout its existence, it has reached growing long-term lows. It should probably create the above even now and respect the mentioned support zone of the last minimum.
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