BTC continues to sideway movement, which can be a long – term bottom as well as a shopping area. In the short term, however, price seems to need time to deter. Market price again tests the support line this sideway structure. Will the price manage to maintain this support, or will we look for a bottom at lower values?
Potentially 123 bottom formation it is still not confirmed and on the contrary, it is quite possible that it will be violated. The price is close to points 3 and 1, which represents the monthly support of the current structure. If the price falls below this support, the closest value that we will consider to be supporting is in the interval $ 41,000 to $ 43,000.
BTC is near the bottom
If the price manages to maintain support $ 45,600, we continue the sideway structure, which is bounded resistance of $ 52,000. We do not know how long the current sideway structure will be current and we will not find out until the price exceeds support or resistance. It is therefore necessary to take both into account scenarios.
BTC is probably either at the bottom or near the bottom. In the long run, the growing trend has not been violated and the price is still reaching higher local lows. Nevertheless, in the short term, the price may still fall or stagnate before it actually starts to rise.