BTC continues to grow modestly, but in the long run this is a negligible move, although we are above a key level support. It’s been almost a week BTC moves sideway and soon decides if we are really witnessing local minimum, or not. What is the closest resistance if we confirm the bottom?
If BTC continued to grow modestly, the nearest resistance is located on the surface about $ 47,000. It is quite possible that the price would respect this level on the first try. In this scenario, a local bottom of about $ 40,000 would be confirmed. Then we would see if this bottom will also form a long-term bottom.
BTC has grown slightly
Even in this bull scenario must create long-term rising lows and then overcome the maximum among them. This is what we will look for when identifying trend reversal. On the contrary, it is necessary to take into account continuing the correction. If the price does not have enough strength, even just to reverse the trend, the decline will continue.
In this case, we would be looking for support at about $ 37,000. We would enter a key accumulation zone bounded by $ 30,000 and $ 40,000. The price should no longer fall below this zone, as it would disrupt the rising one long-term BTC cycle. It seems that we will wait for some time for real growth.