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BTC analysis – the price erased the fall in a few hours. Is this the end of the correction?

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After testing the previous long-term high of around $ 53,000, BTC was able to create one gain 9% in just a few hours. However, the question remains whether this reflection is the end of the correction or whether it is just a bull leg within the correction structure. Volumes they are missing at the last rebound.

BTC has not yet confirmed the end of the correction, because still reaches short-term lower minimums and maximums. He could not overcome the last reflection last maximum $ 59,400. The market price is even exactly at the resistance from previous local correction maximums. However, it is still true that such a reflection is not typical of the correction structure and may therefore be a minimum.

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

BTC reverses the trend

If it really is about reversal and the price will no longer go below the last minimum, we must wait either to break through the last maximum or to the next minimum. Another minimum must be created higher than the previous one. The price can thus create a sideway structure, thus breaking through the resistance from the maximum and from this structure will continue to grow.

A similar sideway structure was created at the end of September at the last long-term local minimum. Bull target that we are watching is on point of control 61 160 $. The price probably created a reversal of the trend, but we remind you that it is not confirmed.

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.

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