BTC created a short-term sideway structure and grew by 18% from a minimum. However, price is losing strength in this structure and another corrective leg is waiting for us. It will be essential to create a local minimum of more than $ 42,000. Subsequently, a longer-term sideway structure could emerge, but this has not yet been confirmed.
BTC continues to correct and will look for a new low. If the position is at least the same or increasing, then we can think of a sideway structure. However, it is too early to confirm it and the minimum may be lower. That is, at present the price does not indicate the end of the correction structure.
BTC continues to correct
RSI bounced off high oversold and at the next low it is likely to create a positive divergence in oversold. It is a bull signal, but that doesn’t mean the trend will reverse. It can only be a short-term local minimum.
Volumes were on the side of the bears during the short-term sideway structure and the price could not even reach the level of MA21. During this sideway structure BTC’s dominance moved upward, but even this growing leg is part of the correction in the long run.