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BTC analysis – where is the support if the correction continues?

1 min read

There have been no major changes in the BTC price chart over the last 24 hours. Meanwhile, as BTC stagnated at around $ 46,000, many altcoins were able to create a much higher retracement upwards. The result is that dominance has declined by another percentage. Altcoins, unlike the main cryptocurrency from the correction, remember a little earlier.

BTC has not yet confirmed the end of the correction and the price creates a sideway structure after the first correction leg. Usually the corrections are not completed immediately after the first leg, so it is likely that another shorter drop may follow. Supportive zonewhich we will closely monitor is at the interval $ 42,500 to $ 41,000.

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

Completion of BTC correction is not confirmed

The level of $ 41,000 separates the previous accumulation zone from the growing trend. If the price didn’t keep this support, it is possible that we would wait a little longer for further growth. In the short term, the price is at the point of control, which is at $ 46,400, however trend reversal not confirmed.

StormGainRSI slightly during the sideway movement prices rose. Volumes on the contrary, they are shrinking and volatility as well. This is a harbinger that the price will soon create a sharp movement again. Subsequently, volumes and volatility will increase. Long-term sentiment has not changed yet and so has the current long-term growing trend has not been disruptedin which we are.

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