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BTC analysis – what needs to be followed during the next correction leg?

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BTC continues its long-term correction structure and is also declining again in the short term. Many altcoins also follow this decline. Nevertheless dominance of the main cryptocurrency has not seen a significant change in the trend and is constantly reaching declining lows and highs. Where is the next support?

BTC is currently in the end of the support area at about $ 45,500. Additional support is then located at level $ 41,000. At present, it is likely that the price is in another corrective leg. It is essential that this leg is created higher local minimum than the last.

BTC / USD 4HBTC / USD 4H. Source: TradingView

BTC is still looking for a bottom

If an increasing low is formed, we can think about sideway structure. However, even this structure can only be part of the correction structure. We are quite far from overcoming resistance from local highs. In the current situation, we cannot identify whether she was correction completed.

In shaping the trend reversal, it would also be necessary to achieve growing volumes on the side of the bulls. They are still absent today. Even if the correction has already found its bottom, it needs to cool down and gain strength.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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