BTC continues to short-term sidweway structure and he failed to overcome the last maximum. But will he be able to bounce back from the last low, or will we go looking for a new correction bottom? Let’s take a look at the current technical analysis of BTC and what scenarios are likely and what to do if the price will rise or it will decline.
BTC created a lower maximum compared to point 2, which represents resistance at $ 52,000. The price thus still continues in the potential reverse zone and can still confirm 123 bottom formation. To do this, however, it is essential to keep the double bottom at points 1 and 3.
BTC has still not confirmed the long-term bottom
We should buy if the price confirms the breakdown of point 2 and at the same time it should be able to overcome resistance from local maximum correction. Conversely, a stop-loss can be entered below the level of point 3. However, entering a stop-loss is risky when searching for the bottom of the correction.
In the long run, it is strong support zone for $ 41,000 and vice versa, resistance zone at $ 57,000 and $ 61,300. From the same point of view, however, the price reaches ever higher highs and lows, and therefore the long-term trend has not been broken. In the short term, however, we are still waiting for the long-term minimum to be confirmed.