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BTC Analysis – Price maintains $ 40,000 and shapes the local bottom

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BTC is still still ranges just over $ 40,000, which is currently the bearish support level in which BTC has been at the beginning of the year. The question therefore remains whether the price will succeed support to keep. In the meantime dominance of the main cryptocurrency stagnates at around 41.55%.

The last move in a few days suggests that price could create 123 bottom formation. But before that, she would have to overcome a strong one resistance on the surface about $ 42,000. Therefore, the nearest short-term bull target is just $ 42,000, which is at the point of control of the entire flag.

Bitcoin still just above the supportBTC still just above the support. Source: TradingView

BTC just above the $ 40,000 support

It should not be forgotten that the price still did not confirm the bottom and did not reach a growing short-term maximum. Plus, she didn’t beat either resistance from the maximum of the last drop. Therefore, the market price can already decide today to confirm the minimum. We therefore know the bull target and it remains for us to identify support areas in the event of a price drop.

The nearest support is an $ 39,000 until $ 40,000. Another support area is around $ 36,000. The long-term support area is located around $ 30,000 and at the same time it is in this area that accumulation zone is advantageous. The most bearish scenario I’m watching on MA200 on the weekly chart. Currently, the MA200 is $ 21,200 and will increase by a few thousand until the price hits it.

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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