BTC Analysis – Price soon closes triangle right at $ 40,000 resistance
1 min readBTC 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.
Source: TradingViewBTC 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.
