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BTC analysis – huge growth of 17% in a single day! Definitive termination of the correction?

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BTC was able to overcome the rapid growth resistance from local maximum corrections and currently attacks the previous maximum. If the price managed to exceed this maximum, it would be about trend reversal and from ATH it would be the first time that BTC had reached a higher local maximum.

In case we are considering breaking the previous maximum, price must exceed $ 46,000. At that moment, we will wait for the daily closing of the candle above this maximum, and then the reverse pattern will be confirmed. 123 bottom formation. However, we must not forget the strong resistance above the market price.

Bitcoin broke through the resistanceSource: TradingView

BTC broke through the resistance

Resistance zone which we are talking about, is at $ 45,000 to $ 49,000. This does not mean that it cannot overcome it, but it is appropriate to expect a cessation of volatility at this interval. However, if we look at volumes we see that they are clearly on the side of the bulls.

The last two rapid growths have been accompanied by much higher volumes compared to bear slow corrections. This fact can also be seen in the price itself when strength bulls and the desire to buy has grown intensively. Now we just have to wait for the reversal, which is still not confirmed.

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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