Cryptheory: Crypto and Internet

cryptocurrency and internet meaning, guides, learning

BTC analysis – the price continues in the correction structure. Will he be looking for a new bottom?

1 min read

BTC yet continues in the correction structure and failed to confirm the reverse pattern. He is no longer current and has failed. Will the price look for a new bottom correction? Let’s take a look at where others are support zones and what is likely scenario for the following hours and days.

BTC caused by the last drop increase in dominance, which also tested long-term support. By the end of the year, BTC’s dominance will probably be over 40%. However, the market price of BTC has already fallen under the reverse pattern 123 bottom formation and the question arises as to whether another correction leg.

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

BTC continues to correct

Another correction leg is likely and can occur calmly every hour. The biggest gap is located between the levels $ 43,500 and $ 41,000. So if BTC falls below $ 43,500, the drop to $ 41,000 would occur relatively quickly. No matter where it is created bottom correction, we have to keep watching the same thing.

If the price reaches the local bottom of the correction, it needs to create higher lows and then break the high between them. Until then the correction may continue. Of course, sometimes a pattern is not needed to reverse the trend and the price will be reflected immediately, but there would have to be a bull volumes much stronger.

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.

Leave a Reply

Your email address will not be published. Required fields are marked *