Cryptheory – Just Crypto

Cryptocurrencies are our life! Get an Overview of Market News

Bitcoin: the price is stagnant and growth has stopped. A correction leg is waiting for us

2 min read

BTC continues its growing leg and the price has been evolving the last two days of the sideway. This sideways movement is limited by the MA21 indicator on the 4H period as support and on the other hand by the resistance at the level of $ 41,000. Where will the price of the main cryptocurrency move after this lateral movement has ended?

BTC is probably heading down and a correction leg is waiting for us. As we announced in last analysis, the trend is losing strength and we have probably reached the local maximum. Volumes are falling sharply, and RSI has also experienced a negative divergence in the overbought phase.

BTC / USD 4H.  Source: TradingView
BTC / USD 4H. Source: TradingView

It is quite possible that the price will eventually go back towards point of control at $ 36,850. This growth was not the first in the long-term two-month sideway structure. In the second week of June, we saw a similar increase, and it was the level of resistance at $ 41,000 that marked the end of this leg. Meanwhile, technical indicators predict the same scenario.

It is also important to say that the price still did not break this long-term sideway structure which is bounded by the $ 29,000 and $ 41,000 levels. The pattern is therefore still current and the accumulation zone has not ended. Although we are currently bearish in the short term, the long-term forecast still remains bullish. The zone in which namely is a long-term purchasing area.

Bitcoin Group
Disclaimer: This article is for information purposes only and should not be construed as investment advice.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

Leave a Reply