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BTC analysis – price again over $ 40,000, increased by 5% in a single hour

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BTC confirmed higher local minimum, although volumes have not increased so sharply. However, they are still bigger than bears. In the short term, therefore, the price continues to bullish dynamics and forces to further overcome the key resistance. Meanwhile, the price has been in the sideway structure for about two weeks.

Resistance which must be overcome is located on the surface $ 46,000. If a daily close price closes above this level, we can speak and confirm 123 bottom formation. This pattern would thus confirm a growing local maximum for the first time since reaching ATH.

Bitcoin is growing againBTC is growing again. Source: TradingView

BTC is growing again

The price was achieved growth of 5% in just one hour. We saw such an hourly increase in the first week of February. Overall, we see that the dynamics of bull candles are stronger during the sideway structure compared to bears. In addition, an ascending triangle is formed, which should end with a puncture resistance.

Despite the fact that sentiment can have a positive effect, it is essential that the price confirms this growth, as the price is the strongest indicator. This occurs when the price exceeds point 2, resp. previous maximum. It can be said that in the short term there has been no fundamental change and the sideway structure is intact.

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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