BTC analysis – price stagnates at $ 41,500, will the rising trend continue?

BTC has stopped at resistance $ 41,500. However, there was no trend reversal and the price is stagnating, which means that growth can continue. The price has not yet exceeded the previous long-term maximum, so we do not know whether this is the beginning of longer-term growth or sideway structure.

Stopping the price at the maximum after a quick one-day 12% growth indicates that bulls want to continue buzing. RSI, meanwhile, has begun to decline and there is room for another bull leg. The nearest key resistance is already in the zone $ 43,500 where the previous long-term maximum.

BTC at resistance

On the other hand, it is necessary to take into account the opposite scenario, if the price starts to fall from the market value. In this case, we will monitor support closest to around $ 38,500. It is also possible to test the previous resistance of the flag as new support.

If the price manages to exceed $ 43,500, the trend will definitely change. Of course, growth will be accompanied by corrections. And it is quite possible that we will not exceed this level on the first try, because despite a slight decrease in RSI, the value is still relatively high in the phase overbought.

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Margharet Tess

Editor, Developer at Cryptheory Labs

I have been active in the cryptocurrency world for over 6 years, during which I have written countless articles about this sector. What fascinates me most about cryptocurrencies is their technological aspect and the problems they aim to solve. In the past three years, I have ventured into app development and am currently working on a larger project called P2E Buzzer. Stay tuned for the surprise. 🙂 My previous experiences: Business2Community.com, TradingPlatforms.com

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