BTC continues to grow slightly and has reached locally maximum in the short term worth $ 31,400. However, the volumes are receding and therefore it is in the game continuation of the correction. Nevertheless, we will be interested position of the next local minimum which may be decisive for the future short – term trend.
The price is still reaching rising lows and highs, but only in the last few days. This growth is not supported by increasing volume and is rather about natural reaction of bulls and exhaustion bears. A long-term reversal of the trend cannot be considered at the moment, as the price would have to reach a level above $ 40,000 at first.
BTC in moderate growth. Source: TradingViewBTC in moderate growth
I would see a bullish move to a maximum of $ 32,800 and that’s questionable too. However, we will be more interested in the minimum position. The latter is at $ 25,400, but if we don’t take the wick into account, we count on it support $ 27,700. If the price doesn’t keep the last minimum, we’re really likely to go to MA200 on the weekly chart.
MA200 represents the level of approx $ 21,800. However, if the price continues on the sideway and growth is not supported by volumes, it is also likely to spill below support. The only option is a clear bull leg over the main resistance. However, it is currently naive to talk about the fulfillment of this scenario and the price does not indicate a turnaround.
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