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BTC analysis – has BTC found new support? Volumes are still weak

2 min read
BTC analysis.  Source:
BTC analysis. Source:

BTC is currently continuing a growing trend, but it is still questionable whether the price will be able to exceed the last local maximum. It is true that volumes decrease throughout growth, a turnaround may occur. So where are the other targets of the main cryptocurrency?

BTC, it seems, has found new support, and instead of a growing wedge creates bear flag. However, it must also be terminated once. Although the last reflection recorded an increase in volume, it is still a smaller value than at the last minimum. It will now be crucial to monitor whether the price can exceed the value of the last maximum on the $ 50,500 resistance.

If the price starts to develop sideway, or even create a lower local maximum than the previous one, a short-term correction is likely to occur. The trend has been weakening for a long time, so it is not a question of whether, but when the pattern closes and we will go into decline.

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

Where is BTC support?

The main supports we are monitoring are still on the level $ 46,000 and $ 42,500. The $ 41,000 and $ 42,000 zone is the main support zone below which the price should not fall. RSI so far it still diverges negatively and successfully holds support at the level of 40 points.

In conclusion, we can evaluate that the growing trend continues. But on the other hand, we don’t know if the price will have enough strength to beat the last maximum and create another rising leg. Therefore, if we notice a stop and sideway movement, it is possible that the growth will stop for some time.

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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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