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BTC Analysis – Price soon closes triangle right at $ 40,000 resistance

1 min read

BTC continues its moderation growing trend and is already just below $ 40,000. But it doesn’t look like it yet. Volumes are minimal and the price has created a short-term rising wedge, which is likely to close directly on the main resistant zone. It’s not even a new pattern within the structure.

The price created a growing wedge similar to the one created in the second half of December. The closure of the triangle then took place exactly at resistant line. It is no different now. Volumes also signal a similar scenario. Nevertheless, the price itself contains the most information and everything is possible.

Bitcoin closes the wedgeSource: TradingView

BTC closes the wedge

If the price closes the wedge corrective leg, will most importantly reach a higher or at least the same local minimum compared to the previous one. The last minimum is on the surface $ 33,000. Next one support it is then at a significant level of $ 30,000.

On the other hand, if the wedge closes upwards, the first resistance that the price will have to overcome is the level of the previous maximum is $ 43,500. However, the price would probably not exceed this maximum on the first try. In this scenario, the price would be able to overcome long-term resistance corrections in the form of a flag.

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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