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BTC analysis – if the price exceeds this value, a growing trend will be confirmed

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BTC still holds the previous local minimum, and the ascending triangle is the current pattern that continues. Its continuation may take several more weeks, until the price manages to exceed either resistance or support. Bull volumes have been declining in the meantime, but are still prevalent over bears.

If the price keeps a higher minimum, it is potential in the game 123 bottom formation reverse pattern. Its confirmation occurs when the price exceeds $ 46,000. This value is the key to confirmation growing trend and ending the current sideway structure. The first rising maximum from ATH would be confirmed.

Bitcoin holds the previous minimumBTC holds the previous minimum. Source: TradingView

BTC keeps growing to a minimum

Of course, the $ 46,000 overcoming scenario may not be met in the near future. If we fell below the previous minimum in point 3, the reverse pattern would become invalid. From the current sideway structure the price can end the trend both upwards and downwards. Therefore, it is necessary to wait for the puncture.

In the last growth bulish volumes have not increased so much compared to previous growths. Nevertheless, we see that bearish volumes are still lower. But this sentiment can be quickly reversed. It is most important to maintain higher local lows for the next few weeks.

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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