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BTC Analysis – Price hold support, no bullish volumes are missing

1 min read

BTC reached again declining local minimum in the short term, directly on the main export of the bearish 4-month flag. Volumes of bulls however, they are not present and the further they go, the more they decrease compared to the last period. In addition, the market price is in a narrow range between resistance a support.

The narrow band indicates that BTC will continue at any moment. We can expect in the short term increased volatility as the price exceeds one of the important levels. The market price is currently at point of control about $ 39,000 and thus still maintains the support level of the flag.

Bitcoin is directly on the export

Source: TradingView

BTC directly on support

The main cryptocurrency is currently in bearish sentiment and if volumes continue to be absent, we will look at new correction leg. In the short term, we monitor support $ 35,000 and in the long term $ 30,000 and a weekly indicator MA200 which represents the ideal accumulation zone and a long-lasting bottom has always formed on it.

On the contrary, if we consider reversal, then the price must overcome resistance from the maximum correction and in addition the last maximum at the level of about $ 41,000. In the long run, I’m still set bullish and I expect that BTC will reach bottom this year within a few months

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