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 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.