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BTC Analysis – Price Rises 10% In A Single Day, What’s Happening?

2 min read

BTC finally respected support at the point of control and was able to bounce sharply upwards. We have even seen an increase bullish volumes, which is also positive news. However, the question remains whether this trend will be sustained or whether it is only a short-term issue. Which scenario is worth watching right now?

The price recorded a similar price growth on the daily candle on July 18. Even volumes at that time they grew as much as they do now. However, the result was an immediate termination of the trend and a reversal correction. If we even compare the volumes, we find that the latter are decreasing again, which applies to the entire sideway structure.

Bitcoin is up 10% for the day.

BTC is up 10% for the day. Source: TradingView

BTC up 10%

The closest resistance which the price faces, is at the surface $24,250. We then follow up target $25,500 in case bullish breakthroughs. However, it seems that the volumes were only present for a short time again. However, for a strong trend, we need increasing volumes that follow each other for a longer period of time.

If we summarize the current situation, then the price is still in a bearish flag, which may end correction. The most bullish a move to $29,000 would also not represent a reversal of the long-term trend. To confirm that $17,600 is the absolute minimum it’s still too early.

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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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