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BTC analysis – we are bullish for a long time, but the end of the correction is not confirmed

2 min read

BTC has created a new correction leg with a force of almost 10%. The interesting thing is that not all altcoins copied this movement. The local minimum has even been created higher than the previous one. Volumes on the bull side also show a slight recovery, but the termination of the correction structure in which the main cryptocurrency is still not confirmed.

BTC the last low was to support support in the 50% retracement zone from previous growth, which created a move from $ 29,000 to $ 53,000. Short-term local minima are thus increasing, but the reverse pattern has not yet been confirmed. To confirm 123 bottom formation we need to overcome the last maximum. Then we could to consider above the target at the point of control level 47 130 $.

BTC / USD 4H.  Source: TradingView

 

BTC / USD 4H. Source: TradingView

BTC is bullish in the long run, but the correction does not end in the short term

But what if the price doesn’t reach a higher maximum than the last one at $ 45,150? At present, however, there has been a recovery bull volumes, but bear volumes still predominate. At the very least, however, we can talk about a slowdown in the correction structure. Its end is approaching, but at the moment we do not know whether the price has already bottomed out or will go to a new support level. Additional support is located in a zone of approximately $ 38,000.StormGain

It is important to note that BTC is currently at 50% retracement from previous growth. This means that a 50% correction is nothing special and the long-term trend has not been disrupted. Even if a long-term ABC correction were created, its termination could also occur in the zone of about $ 34,000. But even such a correction would not disrupt the long-term trend. In addition, BTC is in the long-term bull flag.

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