BTC analysis – where could the price create another local minimum?
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BTC continues in the corrective structure and creates potential 123 bottom formation. However, the price does not manage to overcome the resistance from the local maximum correction, so we do not follow the sideway structure yet. We will witness termination of this correction or we will look at new local minimum?
If the price BTC overcame the resistance from the last highs, so a sideway structure would probably be created and it would not have to be about growing trend. This is because a trend reversal would only occur if it is overcome the last maximum in point 2 at the level of $ 60,000. In addition, there is a point of control and strong resistance in the zone around $ 61,214.
BTC / USD 4H. Source: TradingViewBTC has been bullish for a long time
If the price fails to overcome the resistance from the maximum, the correction is also at stake. Where else could the price fall? It is definitely necessary to follow the last long-term local maximum of $ 53,000. If it were tested and BTC bounced off this zone and continued to grow, it would be a strong bull signal.
RSI indicates a positive divergence, but it still does not have to be a reversal of the trend, because the breakdown of the last maximum has not yet occurred and the potential 123 bottom formation may not be valid. In the long run, so far the primary upward trend in BTC did not change.
