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BTC analysis – growth continues, where is the next target?

2 min read

BTC continues to grow steadily, although it has more or less stagnated on the last day resistance of about $ 49,000. However, recent growth has not been supported by such strong volumes compared to the beginning of the trend, and it is thus possible that we are slowly getting to closing a growing flag. However, this is not yet the case, so let’s take a look at the bull targets of the main cryptocurrency.

BTC is stagnating at around $ 49,000, but despite our resistance, there has been no sharp rejection and the price has not fallen yet. Other bull targets will be values $ 50,500 and $ 53,500. However, if the graph does not show increasing volumes when these values ​​are reached, it is quite possible that the bear flag will eventually close. correction leg. However, it would be beneficial for the continuation of primary growth.

BTC / USD 4H.  Source: TradingView
BTC / USD 4H. Source: TradingView

Is BTC waiting for a correction leg?

On the other hand, it is essential to monitor the support levels of the main cryptocurrency. The first support is a level of $ 46,000, which represents the lower limit of the flag, and at the same time there is a short-term point of control. Then another support is a level of $ 41,000, below which the price should not fall, because below this price is the accumulation zone.

Before the price goes into a short-term correction, it is likely to rise to and exceed $ 50,000. RSI so far it indicates a negative divergence at the level of 70 points, which is the limit of overbought. However, this divergence applies from the first maximum within the flag. Volumes they also fall throughout the price rise. And if we want the trend to continue, they must clearly increase.

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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