BTC continues to reduced volatility for the third day and although there has been a slight deterrence, it is completely insignificant in the long run. The local minimum has still not been confirmed and the end of the correction is not at all. To confirm the current support $ 41,000 As a local minimum, the price will have to bounce back more radically.
While it’s clear that the price is responding to the $ 41,000 support and has begun to stagnate, we still don’t see it power of bulls. If we wanted to think about reversing the trend, we would have to overcome point of control $ 47,700 and only then could we consider a growing trend. But we are still far from this situation.
BTC still hasn’t confirmed the bottom
The price itself indicates that the real possibility is also continuation of the correction. In such a case, volatility would certainly increase in the short term and the price would seek new support. Strong support is located at level $ 37,000. Overall, however, the area $ 40,000 to $ 30,000 we can identify as the previous long-term accumulation zone.
This zone is crucial if we are to maintain the long-term growing cycle of BTC. At present, however, we see that long cycle is intact and we are still bullish. The correction still reaches the classic numbers and currently represents 41%. However, sentiment remains unchanged and price does not indicate reversal.