BTC analysis – $ 50,500 resistance overcome, where’s the next stop?
1 min readBTC eventually managed to overcome the resistance of the sideway structure at $ 50,500. After two weeks of indecision, we again reach a short-term higher local maximum. Surprisingly, this one growth was not accompanied by an increase in volumes. Nevertheless, the price rose almost immediately by $ 1,300.
BTC continues the growing trend, but the last the gap is still weak. Another bull target is located at $ 53,500, because there is a transaction gap between $ 50,500 and $ 53,500. This gap represents a band where in the past the price did not stop long enough to create important support or resistance there.
BTC continues the trend
However, a sideway structure between the $ 46,500 and $ 50,500 levels may be useful in the future. We know that demand and supply will be balanced here for a while. This zone may therefore serve as in the future support.
Indicator RSI still ranges from 38 points to 70 points throughout growth. Although he broke through the level of overbought at the last maximum, it is difficult to talk about shooting. This condition can thus predict a short-term, several-hour stop at $ 51,700. If the price manages to go within 24 hours to the mentioned target, so it is possible that the RSi will also overshoot the long-term structure. However, growth must be supported by much higher volumes, otherwise we will fall back into the sideway movement.
