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BTC Analysis – Price shapes this important reverse pattern

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BTC continues the slightly growing trend, but the reverse pattern has still not been confirmed head and shoulders. The price is so faced resistance, which is short – term, but its breakthrough can mean several thousand appreciation. Will the price manage to overcome this resistance, or will we witness the continuation of the long-term correction structure?

Bullish the target we are tracking is on the surface $ 23,000. If the price managed to overcome this resistance, the price would probably go beyond the longer term resistance, about $ 26,000. So far, however, we are only watching $ 23,000 because of the growth volumes are missing that reached the level of the second half of May, when the price went month sideway.

Bitcoin still has not confirmed the patternSource: TradingView

BTC shapes the head and shoulders

At present, such a lateral movement rather means that long-term correction structure it’s not over yet. In the short term, we will monitor another local bottom, which must be higher than the last one on $ 17,600. In the short term, therefore, the price will continue in the sideway structure between $ 17,600 and $ 23,000.

If price is shaping the bottom, we need it cessation of volatility for several months and the current structure is not enough for us. If we summarize the prediction for the coming days, then the price will go first and foremost sideway. In the medium term, the price may still fall below. But I still do for a long time bullish.

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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