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BTC analysis – price made a maximum and continues to correct

2 min read
 

BTC is currently in a slight decline and recently confirmed a short-term local high that was created at the same price level as the penultimate one. That’s how it came about double top and it was created resistance on the zone around 24,400 dollars. Meanwhile, the dominance fell to the current 41.89%.

Everything indicates that the price will be short-term to go down. Bullish volumes retreat RSI the indicator is falling and the price confirmed the maximum. We will follow the support area roughly in the zone around 22,000 dollars. Therefore, I expect that the nearest local minimum will be growing again compared to the previous one.

Bitcoin is in correction again

BTC is in correction again. Source: TradingView

BTC is falling again

The price is still in the rising flag, indicating a breakout support in the future. Until then, however, there is still room for the price to grow. Resistance band I watch on the zone around $25,500. The most bullish the script is for $28,000, but so far it doesn’t look like buyers will push it up to that target.

The decisive factor will be how the price reacts in the event that it encounters a downward trend resistance with maximums from ATH. On the chart above, we see it as a falling white line. It is an unsurpassed resistance that still works today. Until then, the price will probably continue at the current price flag.

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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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