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BTC analysis – another rebound from the support, but the bulls are losing strength

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BTC eventually created another corrective leg. Bearish sentiment thus prevailed and the price returned to the main one support. The question remains whether or not the price will be able to maintain this support, which has been operating since the beginning of the year. Dominance of the main cryptocurrency meanwhile, the sideway continues and reaches 41.77%.

Despite the fact that another short-term occurred correction, the price is bounced and forms another local minimum, which is rising. The price has been staying above for quite some time support bear flags and bulls are unable to push the price upwards in the longer term. In addition, it is quite possible that the next maximum will be declining.

Bitcoin on the back again.BTC on the back again. Source: TradingView

BTC on the back again

If the price fails to exceed the last maximum of $ 43,000, a sideway movement will form. Subsequently, it will be important to monitor further contact with support. We are in a bear flag, which should also be to close the bear leg. In this bearish scenarios we will monitor the support areas.

Important supports are the levels $ 39,000 and $ 36,000. The fall even deeper down to $ 30,000 would be an ideal buying opportunity in the long run. If the price exceeds the support flag in the future and does not get back above this support within 24 hours, it will be the definitive end of the pattern.

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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