BTC analysis – we are waiting for the signal to end the correction. Is the price heading for $ 46,000?

BTC has not experienced high volatility and price more or less in the short term in the last 24 hours stagnated at just over $ 43,000. Although the price has begun to reach short-term rising lows, we still cannot talk about long-term trend reversal. Therefore, it is still true that the correction structure did not detect its signal termination.

Although we don’t see the price correction end signal, doesn’t mean we haven’t hit the bottom anymore. The last minimum bounced off the key support zone around $ 40,000. However, we will need to cross the level to break the declining structure $ 45,700 to $ 46,000. Overall, this zone is the first resistance from the market price.

Source: TradingView

BTC still in the flag

If BTC overcame this resistance, the price would go to target point of control $ 49,100. What if the price fails to overcome this resistance? If there is a declining trend, the most important thing is to follow it support at the last low level of around $ 40,000. If the price fell below this level, the correction would deepen.

If would then be in the $ 30,000 to $ 40,000 zone he represents accumulation previous long-term zone. We would look for more support in the area around $ 37,000. In the long run, the price still holds true BTC reaches growing local lows. From this point of view, the long-term trend is therefore intact.