BTC recently closed a growing short-term triangle right on resistance of $ 40,000 and continues in the correction leg downwards. We will watch now creation of a new local minimum which should arise above the level of the previous one. We will manage the price or we will look for new ones bottom correction?
The market price is corrected and is heading for another minimum. The latter is on the surface $ 33,000 and if we create the next one above, there is a chance of a short-term reverse pattern. Either way, even after a higher minimum, the price to confirm the reversal would have to exceed the maximum on the surface $ 40,000.
BTC closed the triangle
If the price doesn’t keep the minimum at $ 33,000, we’re likely to go to the new support which is located on $ 30,000. In addition to this level, we also monitor MA200 on the weekly chart as the most bearish scenario. The indicator is currently at $ 19,600 and in time grows.
In the long run, nothing has changed yet and the trend continues downwards in the long-term declining flag, which in the future will be closed in one way or another by breaking resistance. However, the question remains when it will be and when the price will confirm the reverse pattern. So far, the price has not reached either a long-term rising minimum or maximum.