Cryptheory: Crypto and Internet

cryptocurrency and internet meaning, guides, learning

BTC analysis – Will a new correction leg be created?

1 min read

BTC continues in low volatility and his prediction has changed absolutely nothing in recent days. The price is still going on in short-term bull flag and respects its resistance. In addition, it is still true that the price has never been able to create a higher local minimum or maximum. Therefore, the correction is not completed.

When could the correction end? First of all, it is necessary to break through resistance short-term flag. Subsequently, however, another significant level of resistance awaits the price, which consists of a maximum correction from ATH. Only if the price overcomes these two resistances, we can talk about confirmation of the end of the correction.

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

BTC is still reaching declining lows

The first signal to stop the correction structure in the short term is to create a growing one minimum over $ 45,800. Consequently, the price must overcome the mentioned resistances. Such a break must be encouraged bull volumes which are currently minimal. But what if the price does not keep the last minimum?

There is also in the game continuation of the correction and creating another downward spill. In the long run, we can be close to the bottom or even on it, well the price does not yet indicate confirmation of this minimum. We will monitor long-term support on the surface in this scenario $ 42,000 to $ 43,000.

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.

Leave a Reply

Your email address will not be published. Required fields are marked *