BTC has finally confirmed the same short – term local minimum and continues to do so sideway structure. However, the reversal of the trend is still has not been confirmed. BTC has not experienced severe volatility in the last 24 hours. The most important thing now is to maintain short-term support at about $ 46,700if we want to think of a growing leg.
BTC forms potentially 123 bottom formation, but the price needs to confirm it beat point 2 at $ 52,000. So far, the price is between point 2 and 3, so we do not know whether this pattern will eventually be valid. We had a similar situation on November 19-23, when the pattern finally failed.
BTC creates a reversal that is not confirmed
As we can see in the graph, point 2 is located in the nearby area resistance, which is formed from local max correction. If the price manages to overcome this resistance, the current correction leg will be terminated. We monitor in the long run support area at about $ 41,000.
The aforementioned breakdown of resistance from the maximum and point 2 should be accompanied by growth volumes. These do not yet indicate a recovery and are at a minimal level. A similar termination of the correction even occurred during the last correction at the end of September. The current correction is classic, whether by force or structure.