BTC responded to a new variant of the coronavirus sharp correction, like most markets. This collapse represents 10 percent decline. Taking into account the whole correction structure, at present correction is around 22.50%. This is a completely normal correction structure, which is by no means exceptional. Where is the next support?
BTC heading for a new minimum and support zone. The most important support is currently between the last long-term high of $ 53,000 and 61.8% retracement of all previous growth. However, it is questionable whether the price has actually stabilized on this export. However, if the price tested this zone, it would be a bullish signal for continued long-term growth.
BTC’s long-term trend is intact
To reach the end of the correction we need to create higher local minimum. The price must then overcome the maximum between these two lows. At such a moment, the trend is reversed and at least a short-term one is created growing trend. Currently, the trend is overheated and only yesterday it fell sharply. Therefore, we do not yet know the minimum.
The current correction is currently only at 50% retracement in the previous growth, which means that the previous growth was twice as high as the current correction. Therefore, in the long run, nothing changes and the BTC trend remained intact.