After a 38.2% retracement since the closing of the triangle, BTC was able to bounce back from the rising local minimum and the price is once again heading for the main resistance. Although this resistance is less than $ 40,000 and represents the line from the max flag, the key one is waiting for a price of $ 40,000. But it doesn’t have to be about change in the primary trend.
If we get above the resistance of the flag, it is possible that the price will rather create a sideway structure. If it really arises, then we are only at the beginning and it is too early to end. A change in sentiment would certainly help to achieve this higher local maximum which we haven’t seen from ATH if we don’t count some short term.
BTC attacks $ 40,000 resistance again. Source: TradingViewBTC attacks resistance again
It is necessary to realize that even if the price rises in the short term, the reversal of the trend is far from confirmed. It would the price had to beat $ 40,000 and yet she would have another resistance at $ 43,500. Even in such a scenario, a sideway structure may emerge and long-term growth should not be expected immediately.
Regardless of when this happens, the most important thing now is to watch whether the price manages to overcome the resistance of the flag. Whether the sideway structure will continue or the growing trend accompanied by a correction is already a question of the future. It is quite possible that the BTC will decide to break it today, but it can also fail and break the resistance in a month.
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