BTC analysis – price is approaching resistance, will it stay above $ 40,000?
1 min readBTC continues to growing trend in the short term and the price is again attacking resistance, which consists of a maximum correction structure. Meanwhile, dominance has fallen for a short time, suggesting that the altcoin market as a whole has experienced stronger upward retracement.
The price shortly rose above $ 40,000 and traded at $ 39,000 at the time of writing. The closest resistance at the same time point of control is located in the area around $ 42,000. In addition, there is resistance from the maximum correction. It is likely that the price will not match this zone immediately.
BTC is moving towards resistance. Source: TradingViewBTC is moving towards resistance
If BTC will overcome this resistance, it would still have to overcome it previous maximum $ 46,000 to confirm the reversal of the trend. However, the chart does not indicate such a break in the coming days. On the other hand, it is necessary to monitor as well bear scenario which is also likely.
Price created by ATH rising local minimum for the first time. Therefore, there is a sideway movement or even a reverse pattern in the game 123 bottom formation which would invalidate up to $ 46,000. Supports that we should be monitoring at the moment are on the surface $ 33,000 and $ 29,000.
