BTC analysis – what conditions must be met for the trend to reverse?
2 min readBTC continues the correction leg and the price goes to target from the previous analysis. The price is still in the long-term sideway structure, which has been in place for two and a half months. So let’s look at other supports, where the price of the correction leg could go.
BTC the drop does not end and goes to the point of control of the whole sideway structure at $ 36,760. Another important support is level about $ 33,000. No matter where the correction stops, we need to achieve an increase in volumes and a halt to volatility.
RSI at the turn it must also indicate oversold and positive divergence. It was similar with the two previous lows, which we see in the graph. Of course, these conditions must be met if we do not witness V-shape recovery. The price would be in such a case bounced immediately. However, we also need a rapid recovery in volumes for immediate deterrence.
In the short term, then the correction does not indicate the end yet and will continue. However, if this leg is terminated, it must be said that the correction that the price of BTC has been facing for a long time is dynamic and moves over time. The last time we hit the price was at this level, when it was $ 42,500. At present, this resistance can amount to only $ 41,000. Until the correction is completed and the price is tested again for this resistance, it will be an even lower level.
