BTC continues in low volatility and since yesterday, it has basically still held a key level of support for the current sideway structure at the market price. This structure has been in game for a month and we don’t know when it will end. It is limited support at the level of $ 45,600 a resistance at $ 52,000. Will the price manage to maintain the mentioned support?
It is necessary to take into account both scenarios and the price can easily fall below the support of $ 45,600. In such a scenario, it would the price could get on a new support zone between $ 41,000 and $ 43,000. The previous long-term local minimum is located in this zone. In that case, the price would cancel out the potential 123 bottom formation reverse pattern.
BTC still holds support
A similar scenario, when the price did not maintain the support sideway structure after the correction, is the fall of July 20, 2021. At that time, the entire zone was extended to 2 months. However, we do not currently know whether this scenario will be repeated. However, it must be taken into account. On the other side the price still respects the support and there is also a deterrent up.
If we wanted to end the sideway structure with a growing leg, the price would have to overcome the resistance at $ 52,000. In such a case, the end of the accumulation would be confirmed and would occur growing trend. For now, however, it looks like the price of BTC still needs time to really reverse the trend.