Cryptheory

24/7 crypto news, cryptocurrency meaning, guides, learning, #cryptohelpschildren

BTC analysis – price is a short-term sideway, what would a bull scenario look like?

1 min read

BTC is still located in long-term correction structure and has not experienced significant in the last 24 hours volatility. The price seems to be looking for a minimum. In the short term, the price still maintains support and creates the same minimums. However, the reversal of the trend is still not confirmed and the correction may continue.

BTC creates minimum in the zone about $ 47,000 and thus probably confirms the short-term sideway structure. However, it still has not confirmed the end and the price can move up and down. In addition, the market price is at short-term resistance from the last highs. If it breaks through, the current one will still apply sideway structure.

BTC / USD 4HBTC / USD 4H. Source: TradingView

BTC is a short-term sideway

Change of sentiment could only occur if the price exceeded last maximum $ 52,000. If the price overcame this resistance, we would probably be in a growing leg with a target in the zone about $ 54,500. However, we are still far from breaking through and we must monitor the position of the next minimum.

Mentioned bull scenario however, it must be accompanied by an increase volumes. Otherwise, it could be a fake breakout or just a growing leg as part of the correction. However, volumes are still missing and in the short term the price continues sideway without any sign of reversal.

Leave a Reply

Your email address will not be published.