BTC is currently stagnating just above the key support level which represents the upper limit of the ascending triangle. Still, the price is still in a growing trend and struggles with higher short-term highs. The momentum is disappearing and therefore the question is whether we will not witness a corrective leg.
Last reflection from support which represented the last two months resistance, has not yet been convincing. BTC has created a short-term declining maximum and so there is a top formation pattern in the game 123, which will come into force only when BTC creates a lower minimum, ie. under $ 44,300.
BTC just above the support. Source: TradingViewBTC loses strength to grow
The current hesitation of BTC is also confirmed by the volumes that have fallen again, and if this does not change, we will have a price drop. Volumes they express a willingness to trade an asset, which is currently lacking. If the price doesn’t keep the last minimum, we go to $ 42,000 support area. In this scenario, the price would go back to sideway structure.
Bullish the target we are tracking is on the surface around $ 51,000 and is still current. This target should be the culmination of the current rising wave. The correction that should follow would only be within the growing trend as a natural pullback. In the long run the price remains bullish.
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