In the short term, BTC continues to grow slightly. Where is the nearest resistance and what could the price development of the next days look like? Let’s take a look at the current reflection from the last lows that arose during sale up to $ 42,000. Will the correction structure continue?
BTC sa from the low bounced upwards and achieved gain about 18%. However, this reflection is still insignificant and is part of the correction. The nearest resistance is at around $ 53,000 and it’s the most bullish scenario for growing leg that i’m currently watching. In addition to the previous support level, there is also the MA21 area.
Will BTC go into a short-term sideway structure?
After creating a local short-term high, I expect that the price will create a short-term sideway structure, after which the correction may or may not continue. We will know this when the real structure is created. We are currently watching formation of local maximum which will almost certainly be lower than the previous maximum.
We will then follow creating a local minimum which is also highly likely to be higher than the previous one. This will create a similar sideway structure as after the sale of September 7, 2021. There is room for a longer-term continuation of the correction.