Medium-term correction of the long-term trend continues. As noted earlier, the goals of this correction are level 40,026 implemented, and with an excess.Moreover, the market also tested the lower boundaries of the long-term (support level 34972) and main (support level 37148) trend channels, forming a new low at 29927, which, within the SWT method, is interpreted as technical support for the short-term trend. the scenario of market recovery from a fairly wide zone of the cluster of supports 29927-34972-37148-40026 was accepted, and the cancellation or suspension of this scenario will be a breakthrough of the support level 29927. The market has already made several attempts to go up, but so far these attempts have not been developed. At the moment, bitcoin is strengthening again, remaining in the channel of the weekly trend 29927-43402, and despite the increase in local volatility, significant changes have not yet occurred.
The main trend remains ascending; in the long-term, the downward medium-term correction continues, already with signs of recovery in growth.
The mid-term trend wave again marked a corrective upward reversal, shown by the indicator marked with an arrow in the lower chart window.
We noted earlier that before starting a new cyclegrowth, a downside surge is possible to relieve the market from accumulated high-risk short-term longs. And at the beginning of this week, an attempt at such an outburst took place, but did not receive development. The market stopped at the border of the short-term trend volatility channel - the turquoise line marked with the lower arrow, and the quotes went up from this border quite quickly and far enough by the standards of recent weeks. They left, but stopped at the upper border of the weekly cycle trend volatility channel - the red line marked with the upper arrow on the chart. Only the market knows how the current pause ends, a new test of the lows or a breakout of the upper border of the weekly trend volatility channel. We continue to adhere to the growth scenario.
Resistance levels: 43402, 50804, 64810, 67959, 71361, 87926.
Support levels: 40026, 37148, 34972, 30909, 29927.
The analysis is based on indicators SWT method