BTC continues as expected until the resistance zone, no the trend has not yet indicated a halt. However, the $ 53,000 level is a resistance that needs to be overcome. However, it is not certain that the price will succeed on the first try. Meanwhile, the dominance is growing rapidly and already reaches 43.81%. Thus, Altcoins are not enough for the current growth of BTC.
BTC after a rebound from MA21, it moved from a minimum of $ 46,900 to a maximum of $ 51,915. However, this zone already represents resistance. The last previous long-term maximum was at $ 53,000. We have been declining since the ATH high, so it is necessary to break this trend and overcome the last high of $ 53,000 resistance to continue the upward trend.
Will BTC enter the new bullrun?
The last reflection was also supported by a slight one by increasing volumes. RSI also violated negative divergence, as predicted in yesterday’s analysis. We are in the overbought phase again, but RSI does not indicate a signal to sell. The nearest support band is at the point of control level of $ 47,965. We could be interested in this band in case BTC fails to exceed the previous maximum on the first try.
The fact that the price is attacking $ 53,000 already indicates that a long-term consolidation structure is not being created. The price is likely to beat $ 53,000 in the end, although it may not happen in the first test. So sentiment remains bullish, even if a short-term correction is made. If the price exceeds $ 53,000, we enter a new bullrun. However, the closure it must be on the daily chart close to the price and not the wick.