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BTC analysis – the decline continues, another minimum must be above $ 45,600

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BTC continues to short-term declining trend since yesterday and so far unsuccessfully looking for a bottom. The sideway structure is therefore still relevant. It will be important where the next short-term local minimum is created. Let’s take a look at where are supports and what level the price must maintain.

BTC has the closest support for about $ 46,500, where the previous resistance from the local maximum correction is located and can be tested back as a support. The next support level is located directly at $ 45,600, where the support of the entire sideway structure is located and this level must be maintained.

BTC / USD 4HBTC / USD 4H. Source: TradingView

BTC continues the sideway structure

If the price does not keep the support at $ 45,600, we will look for a new correction bottom. The strongest support area is then $ 41,000 to $ 43,000, where the area of ​​the previous long – term minimum is located. BTC achieves in the long run ever-increasing lows, and therefore should maintain this band as well.

On the other hand, we have resistance to $ 52,000 triple peak level. If the price manages to exceed this value, then bull target the level will be $ 54,000. In the short term, however, the price needs to find a new local minimum, which must be higher than the previous one, and then we can consider a long-term reverse pattern.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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