BTC continues to correct and recently surpassed MA21 at period 4H. However, in the long run, it has not yet been confirmed that the correction is over. Growing leg it can only be part of the correction. Volumes also do not indicate a reversal of the trend and still exceed during the downturn. So where is the nearest target?
BTC has rebounded the last low on the main export of about $ 40,000 and continues to grow. The price also slightly exceeded the level of resistance to MA21. The nearest resistance is at the level of about $ 46,100, where there is also a short-term point of control. However, the question remains whether the current growth will reach this level or the maximum will be created lower.
The BTC correction is not yet complete
The current growth does not indicate a reversal of the trend. Volumes are much higher during bear candles compared to bull. However, the fact that the maximum would be created within the correction structure may not matter and the trend reversal may not occur immediately. The price can consolidate back into the $ 40,000 range and create a short-term shopping zone.
What we need above all are higher local lows and a halt to volatility. At this point, there was no signal for such a reversal. Contemporary correction however, it is quite common and is found on 50% of retracement from previous growth. Additional support is at about $ 38,000 at 61.8% retracement. After accumulating at one of these support levels, the price is likely to turn upwards.