BTC is currently hovering around $ 43,500 and it seems to be forms a short-term minimum which is part of the correction. Meanwhile, dominance has fallen again in the short term and continues in a longer-term declining trend, opening the door for evaluation of altcoins against BTC.
The main cryptocurrency despite the formation of the local bottom probably will continue the correction. The nearest support area is on the surface around $ 42,000 and the long – term one is located in the area around $ 40,000. This level is significant and reversible throughout the sideway structure, which has been going on for 16 months.
BTC in a bear flag
As we can see, the price is moving inside bear flag which, however, does not always have to end with a bear leg. The most bearish movement would then represent a drop to $ 30,000. For the time being, however, we will only monitor the mentioned levels support inside this bear pattern.
It is still true that the price must create rising local lows if we want to think about the continuing trend. They should also be present volumes which, unfortunately, are missing. In the short term, we remain bearish, in the long term we stay bullish.