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BTC analysis – why is the last minimum not an absolute bottom of correction?

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BTC is already trading below $ 29,000 at the time of writing and the sideways movement appears to be continuing and has still not been broken after 2 weeks. However, they are missing bullish volumes a sentiment remains negative. The dominance of the main cryptocurrency has meanwhile increased again and is already at the level of 46.46%.

With the correction continuing, it is likely that BTC’s dominance will continue to grow. This means that the altcoins fell much more than the BTC itself. But is the correction over or not? First of all, it is necessary to realize that the price from ATH did not record a growing local maximum or minimum over a long period of time.

Bitcoin falls on supportBTC falls on support. Source: TradingView

BTC has not confirmed the bottom yet

This means that the price is in the long-term correction structure operating from ATH and can last for months. In addition, the price did not confirm bottom correction and rebound from the last low was weak. Therefore, identifying the end of the correction is not yet a topical issue and the price may continue below.

If the price exceeds resistance from short – term declining highs, so we can consider a short – term move to $ 34,000. However, volumes are still missing.

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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