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BTC analysis – closing a 4-month flag within reach, price struggles with support

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BTC is currently testing key support line, which is created by the local lows of the bear flag. This pattern has been valid for 4 months and is still not finished. Moreover, not even in the short term price does not indicate a reversal of the trend and so it remains to ask whether this support in the end it fails.

The price reaches short-term declining lows and highs. At the moment, however, there is a chance that the first short-term rising minimum will form. This would create a sideway movement directly above the flag support. However, if the volumes continue to be absent, there will be a game continuation of the correction leg to the new support.

Bitcoin will soon decide to close the flagBTC will soon close the flag. Source: TradingView

BTC will end the flag

If the price fails at the current support the next one we will be watching is in the area around $ 35,000. We monitor in the long run support as $ 29,000 and on the weekly chart MA200. It is the zone between these levels that is ideal accumulation opportunity in the long term.

If we think about bullish scenario, so the price must overcome resistance from the maximum correction and in addition the last maximum, which is roughly on the surface $ 41,000. Then we would target the $ 44,000 level. For now, however, the price looks more bearish and there are no longer as aggressive buyouts at supporters as at previous lows.

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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