BTC has set a short-term minimum as before at the level of $ 45,600. That’s how it came about double bottom which, however, is short – lived. Nevertheless, the price managed to close the short-term bullish flag upwards. The price now faces significantly stronger resistance just at the market price. Will she be able to overcome this level and confirm the bottom?
BTC faces resistance at around $ 49,600. This zone represents both the previous maximum, but also the resistant line from the maximum correction that applies from ATH. Overcoming this resistance would mean that the correction leg is at the end and either the accumulation zone enters or growing trend.
BTC / USD 4H. Source: TradingViewBTC is slowly reversing the trend
If the price exceeds the mentioned resistance, the first target will be level about $ 52,200. So far, it has come to the conclusion that we are at a long-term low, too soon, although it may be so. The price should ideally create long-term growing minimum and not just short-term, which may be insignificant in the long run.
BTC shows the first signs trend reversal, but we still do not have it confirmed in the long run, so we need to be careful. In case the double short-term bottom fails, we will monitor support zone $ 42,000 to $ 43,000, where the previous long – term minimum is also located. However, BTC is still creating long-term lows.
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