Cryptheory: Crypto and Internet

cryptocurrency and internet meaning, guides, learning

BTC analysis – growth has stopped. Is the price headed for $20,000 again?

1 min read

BTC has reached local high of $24,280 and is in a short-term downtrend. The price will probably go to the nearest support. Altcoins, of course, copied this slump and are also entering a short-term slump. The market appears to have reached a new short-term local high.

The target we are tracking is around the point of control 20,500 dollars. The total support area is $21,500 to $20,000, from which the fall in price will probably bounce upwards. The question remains whether it will continue once a local low is formed growing trend.

Bitcoin made a local high

BTC made a local high. Source: TradingView

BTC formed a local high

Local minimum can the price form even higher than the point of control and the rising trend could continue if we witness growth bullish volumes. Although they grew slightly in the last week, they still reached low levels. The sentiment does not change and the buying market participants are still weak.

Summing up the current price action, in the short term BTC is likely to form a downside, but I expect a higher local low. From a medium-term point of view, on the contrary, there is a possibility that the price will create another corrective leg below the last long-term low.

Do you like this article? We publish daily the latest information (not only) from the world of cryptocurrencies. Follow us also on Twitter and don’t miss new articles.

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.

Leave a Reply

Your email address will not be published. Required fields are marked *