The medium-term correction of the long-term trend continues. As noted earlier, the goals of this correlation at the level of 40026 have been realized, and with excess. Moreover, the market also tested the lower limits of the channels of the long-term (support level 34972) and the main (support level 37148) trends, forming a new low at the level of 29927, which in the framework of the SWT method is interpreted as technical support for the short-term trend.
As a working forecast, we have adopted a market recovery scenario from a fairly wide support cluster zone of 29927-34972-37148-40026, and the cancellation or suspension of this scenario will be a breakthrough of the support level of 29927.
The market has already made several attempts to go up, but so far these attempts have not been developed
At the current moment, bitcoin is strengthening again, remaining in the channel of the weekly trend of 29927-43402 and despite the increase in local volatility, no significant changes have yet occurred.
The main trend remains upward, while the long-term downward medium-term correction continues with signs of recovery in growth.
The wave of the medium-term trend again marked a corrective upward reversal, shown by the indicator marked with an arrow in the lower window of the chart.
Earlier, we noted that before the start of a new growth cycle, a downside is possible in order to unload the market from accumulated short-term longs with high risks. And at the beginning of this week, an attempt of such an outburst took place, but it did not receive development.
The market stopped at the border of the volatility channel of the short-term trend – the turquoise line marked by the lower arrow, and from this border the quotes went up quite quickly and far enough by the standards of recent weeks. They left, but stopped at the upper limit of the trend volatility channel of the weekly cycle – the red line marked by the upper arrow on the chart.
Only the market knows what the current pause will end with — a new test of the bottoms or a breakthrough of the upper limit of the volatility channel of the weekly trend. And we continue to adhere to the growth scenario. Good luck!
Resistance levels: 43402, 50804, 64810, 67959, 71361, 87926.
Support levels: 40026, 37148, 34972, 30909, 29927.
