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BTC Analysis – Price Fails to Break $23,000 Resistance

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BTC is located in growing short-term trend but began to stagnate directly on resistance $23,000. At the same time, this zone represents the upper limit of sideways movement, which leads to the conclusion that a local maximum can be formed. Is this growing trend at its end, or will it manage to overcome resistance?

The market price not only stagnates at resistance resulting from the monthly sideways structure, but it also stands on the resistance from the maximum correction, which has been valid for several months. In addition, the latest growth was not accompanied by high bullish volumes therefore we cannot yet talk about a trend reversal and the end of sideways movement.

Bitcoin respects $23,000

BTC respects $23,000. Source: TradingView

BTC respects $23,000

In the case of a breakthrough, I expect bullish target $23,500. Fundamental resistance is located up to $29,000, but with the current volumes it would be bold to say that the price is headed straight for this target. However, if there was longer-term growth bullish volumes, it would be possible.

During the entire sideways structure, volumes fell, which is the same scenario as in the previous structure from the turn of May and June. If we evaluate the current situation, from a medium-term perspective, we are still bearish and the signal to change the trend still did not occur.

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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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