BTC has not seen increased volatility in the last day and is more or less stagnant strong support. On the other hand, there was no significant rebound from this support and the price therefore does not indicate the end of the correction and the local bottom has still not been confirmed. You will eventually manage to keep the price of this support, or will continue to correction?
RSI still indicates oversold and this means close occurrence short-term local minimum. However, this minimum is not significant in the long run. In order to be able to identify the long-term local bottom, the price must stagnate much longer and, most importantly, exceed the last local maximum. We are still far from this situation.
BTC is on strong support
If the price bounced off the current level, it would have to overcome point of control $ 47,700 to confirm trend reversal. As we can see, we are still far from this situation. On the other hand, if the price does not hold support at $ 41,000, falls into the previous long – term accumulation zone.
This accumulation zone from $ 30,000 to $ 40,000 represents the last area where the price BTC must find the absolute bottom of the correction. Otherwise, the upward cycle will be disrupted and correction it could thus turn into a primary trend and we would have to wait much longer for real growth.