BTC continues its growing leg, reaching another target of $ 46,200. It seems that the trend does not end and the volumes also indicate the continuation of the uptrend. So where is it located another BTC target?
BTC created a local maximum of $ 46,760 and reached the target of last analysis at $ 46,200. Another goal we will pursue is level $ 49,000. It is even possible that the price will remain in the range of $ 49,000 to $ 45,000 for a few days. This is the first band in history where there has been a higher number of volumes since the breakthrough of resistance at the level of $ 41,000.
BTC remains bullish even for a short time
The growing leg so currently continues with by testing the MA21 indicator. It is currently at about $ 44,500. In the short term, so probably growth will continue, but the longer we have no correction, the stronger it will come in the future.
The most bearish scenario, which could now occur is a correction to the previous level of long-term resistance and thus support would be created from the previous resistance. This area is currently in the $ 41,000 to $ 40,000 range. So far, however, the price does not indicate this.
RSI it continues in the short-term negative divergence, where it has already reached the same maximum three times just on the verge of overbought. So far, however, this is not a significant divergence and only speaks of a slowdown in the uptrend.
BTC long position
Long positions on Bitfinex with the rising price of BTC are still being dumped. Which really means that trapped longers sell their Bitcoins immediately when they get to break even. So to zero loss. For many, it must be a serious deliverance. However, it is not just about emotions, it is really also rational to close a relatively long-held loss position when it is possible to do it without loss.
And as the data suggests, it really is. Thanks to that, we know that expectations Regarding further price developments is not so optimistic and then we also know that the demand is strong enough to make this supply absorbed. Thus, expectations are against further growth, but the fact that the demander will buy everything is strong bull factor.
The question, however, is how long this condition will last. I have repeatedly pointed out that the largest volumes were around 52,500 USD. Said resistance can therefore be considered as the last bastion of bears. Respectively, we can assume that the largest landing of BTC will take place here.
ATTENTION: No data in the article is an investment board. Before you invest, do your own research and analysis, always trading only at your own risk. Cryptheory team strongly recommends individual risk considerations!
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