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BTC analysis – correction continues

1 min read

BTC continues to move sideways in the short term, no bullish volumes are minimal and price does not indicate a reversal of the trend. In addition, this sideway movement did not record a single increasing local maximum. Meanwhile dominance The main cryptocurrency continues to grow over 45% and will grow again in the short term.

The nearest support is on $ 27,000. On the contrary, the nearest resistance is located on $ 32,000. If the price managed to exceed $ 32,000, we could enter a several-day rising trend, but at most resistance from long-term highs to approx $ 35,000 to $ 36,000.

Bitcoin attacks supportBTC attacks support. Source: TradingView

BTC attacks support

Although this is bullish scenario is realistic, it would still be only within a long-term correction structure. On the contrary, we have to reckon with a more likely scenario for the correction to continue in the coming weeks. This is a situation where BTC does not finally maintain the current structure of around $ 29,000 and thus does so increase volatility down.

In such a scenario, we count on MA200 on the weekly chart which reaches almost $ 22,000. If the price falls on this zone, it will be ideal shopping area in the long term. However, the price may fall below this level in the short term. So we are in a short time bearish and we stay for a long time bullish.

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.
BlackRock (IBIT), the Grayscale Bitcoin Trust (GBTC), Fidelity (FBTC), Ark Invest/21Shares (ARKB), Bitwise (BITB), Franklin (EZBC), Invesco/Galaxy (BTCO), VanEck (HODL), Valkyrie (BRRR), WisdomTree (BTCW), Hashdex (DEFI)

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