BTC is in a slightly short – term correction leg, as we assumed in previous analysis. This is no surprise, since volumes at the last maximum were minimal and the growing legions shortened. However, the price bounced off the first support level. But will that be enough for a turnaround?
BTC reached a level of approx $ 48,000 double top and a pattern was created 123 top formation, which was confirmed when point 2 was broken. However, this is a very short-term pattern and does not matter in the long term. The price will fall after minimum $ 44,200 bounced off the first support zone. However, the force is not yet in this reflection and the volumes are low. It is thus possible that the momentary reflection is only part of the correction leg.
Will the BTC trend reverse?
In addition to surface support $ 44,000 key support is also on the surface $ 41,000. At this value is the previous resistance of the two and a half month storage zone. Testing this support level is currently the most bearish short-term scenario on the chart.
The short-term change in sentiment and turnover is also confirmed by the volume indicator. They created higher values during the decline compared to the previous growth. RSI it also continues to decline and a negative divergence predicted a halt to the trend in the future. Now, however, RSI is converging with the price chart declining. In the long run, however growth continues.