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BTC analysis – a break of $ 40,000 would change sentiment, but growth will weaken

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BTC did not experience higher volatility yesterday and continues to grow slightly in the leg towards $ 40,000 target which represents the resistance. Breaking this level could change sentiment, as we would be overcoming the resistance of the long-term flag, which has been in force since the creation of ATH.

If the price exceeded the level $ 40,000, so it would surpass 2 resistant lines at once, but immediately in value $ 43,500 there would be another. It is located on this surface previous maximum. Since the creation of ATH, the price has failed to create any higher long-term maximum. This would be a significant change.

Bitcoin is still in the flagSource: Tradingview

BTC is approaching $ 40,000

Before the price could overcome the resistance of the previous maximum, it would have to exceed $ 40,000. However, this zone has been important for a long time and many times the price has respected it as a support in the past. But now the market price is below it. Therefore, it is necessary to take into account bear scenario that the price will not break.

Local maximum is created and we do not overcome the resistance, we will monitor the creation another local minimum. The next minimum should be at least $ 33,000 or higher. Then we could talk about short-term potential reverse pattern and only then to break the resistance of the flag.

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.

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