BTC definitely ended 27,50% correction and price tested 1W 100SMA. So zone around 50.000$ is still strong support and it is necessary to reach higher short-term low. As we can see, market price is reaching local top because there is strong resistance zone around point of control 56.300$. Another bearish resistance in the same level as POC - MA21 (green curve). Regarding to this resistance level, there is solid chance to create local top.
So the question is where is the support zone? As I said, it is important to create higher low then previous. Reversal zone can be around 50.000$ and we can continue sideway. There is also decent chance to create ABC correction which should end on the most important support zone 42.500$.
Unfortunately, right now nobody knows in which long-term pattern we will continue but from short-term perspective should be move like we discussed.
So the question is where is the support zone? As I said, it is important to create higher low then previous. Reversal zone can be around 50.000$ and we can continue sideway. There is also decent chance to create ABC correction which should end on the most important support zone 42.500$.
Unfortunately, right now nobody knows in which long-term pattern we will continue but from short-term perspective should be move like we discussed.