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BTC analysis – will it keep the price of $ 33,000, or will there be another correction?

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BTC has not yet been able to beat the latter resistance and continues more or less in a sideway move. However, the question remains whether it will keep the previous minimum. Despite the cessation of the correction and the growing minimum, it is still we have no confirmed trend reversal and we still don’t know if a new correction leg will be created or we will keep it to a minimum.

Above all, we will follow point 3, which is the last minimum and the first rising since ATH. Therefore, it is also possible to create 123 bottom formation which, however, would come into force only if the price could be exceeded $ 46,000. If the price falls below point 3, the reverse pattern becomes invalid.

Bitcoin at the beginning of the sideway movementBTC at the beginning of the sideway movement. Source: TradingView

BTC is still a sideway

Because the market price is in the interval between falling highs and rising lows, we can identify the movement in the short term as sideway. The nearest supports are on $ 33,000 a $ 29,000. Vice versa, resistance is located on the surface $ 41,000 and another on $ 46,000.

In addition, the price occurs directly on the strongest support area since $ 30,000 to $ 40,000. This is the lower limit of the entire sideway structure, which is limited to $ 30,000 and $ 67,000. Meanwhile, BTC continues in the long run bearish structure, but nevertheless shows the first signs of the bulls’ willingness to reverse the trend.

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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