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BTC analysis – growth is losing strength, but the $ 51,000 target is still relevant

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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.

Bitcoin just above the support.BTC just above the support. Source: TradingView

BTC 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.

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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