BTC still continues in falling flag and despite a short-term rising low, did not confirm a reversal of the long-term trend. The price is in the short-term rising leg, which is part of the long-term correction structure. What level must BTC exceed so that we can think about day of correction?
BTC created a growing local minimum on $ 41,780. However, long-term lows are declining and the same is true for long-term highs. In order for us to consider breaking through the correction structure, the price must break through $ 45,700. This level represents the resistance of the flag and, in addition, the previous one is located there significant level of support.
Source: TradingViewBTC still just above the main support
The price first and foremost needs to be respected support level at about $ 40,000. If it did not succeed, it would slip into the previous accumulation zone from $ 30,000 to $ 40,000, and we would have to wait much longer for the real growth phase. In this case, we would look for the first support level at about $ 37,000.
However, if BTC continues to go sidelway and manages to create a longer-term growing or the same minimum on this support, it is possible that it will eventually break through as well. flag resistance. After the breakthrough, it basically doesn’t have to go into growth right away, but at least we’ll know we’re in accumulation zone after correction.
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