BTC analysis – correction leg has been completed, we are continuing the long-term sideway
2 min readBTC continues the growing leg, but with the last bull candle I expected an increase in volumes, which unfortunately did not occur. It is an indicator that the price of the main cryptocurrency is close to the local maximum or can the continuing growing trend be expected?
BTC broke through the resistance we identified in previous analysis and traded above the point of control $ 32,830. The nearest target is at $ 34,500 and the next at $ 36,000. For now, however, it looks like the graph will not have the strength to go to the second target. Of course, that can change, but we need to increase volumes for that.
On the other hand, it is here RSIthat stumbles upon overbought limit and so it is likely that we are close to the local maximum. In the sideway structure, growth was always closed when the RSI contacted this area. In the growing trend, however, RSI always ended at about 78 points. So we still have room to continue growing, but we are approaching the maximum one way or another.
BTC still in the sideway structure
That BTC overcame the corrective leg valid from the beginning of July is true, but on the other hand it is still in a longer-term sideway structure, which has been valid for two months. It is quite probable that the price will fall again to the point of control at the level of $ 32,830 after reaching the maximum. In the long run, this zone is still considered accumulative and therefore for Hodlers, the entire zone from $ 29,000 to $ 41,000 can be a purchase.
Let’s not forget that the level of $ 41,000 is currently an intersection with resistance from local highs from ATH. Thus, until the price exceeds this level of resistance, the rising trend will not be confirmed. However, we will still have to wait for this moment.
