BTC bounced off support at $ 41,000 and confirms the short-term reversal of the trend. However, the correction structure remains intact. In addition, the volumes did not increase significantly. Although growth is weak, it continues. But where is the potential target and resistance? Let’s take a look at the current analysis of the BTC / USD pair.
BTC created a double bottom at $ 41,000 and briefly confirmed 123 bottom formation. However, it has already reached its target and now we will be interested in whether the price can handle even the longer-term 123 bottom formation. However, the price would have to exceed the maximum at $ 45,150. Subsequently, however, resistance immediately occurs at a level of about $ 46,000. It is the resistance of the bull flag.
BTC is still in the bullish flag
Sooner or later, BTC will eventually overcome this bullish flag and break through the resistance. It will either happen now or the price will go back on support and will succeed on the next attempt. In addition, however, the price is in the bullish flag in the long run, specifically since the achievement of ATH. Support for the top half of this flag is located in a zone of approximately $ 38,000.
If we want the price to overcome the resistance of the short-term flag now, we need volumes to increase as well. Unfortunately, this is not happening, so it is likely that the price will first respect the resistance of $ 46,000. Correction of structures thus remaining unchanged despite 9% growth.