BTC has been respected for several days support at around $ 41,000. This is crucial because it also has the previous long-term minimum. Despite the fact that the price has been stagnant here for a few days, we have not seen a real upward reflection and it is still bold to say that the price has found a local minimum.
If the current support price is maintained, we will follow bull target at the level of the point of control roughly $ 47,700. If we reached this value, the growing long-term trend would still not be confirmed. We need growing lows and highs for it, which we will currently look for in the chart in vain and we will still have to wait.
Source: TradingViewBTC sticks to support
On the other hand, we must also take into account bear scenario. This is because it is possible that the price will not maintain the current support. What in such a case? Another strong support is the zone around $ 37,000. However, it should not be forgotten that the whole zone from $ 40,000 to $ 30,000 is the previous accumulation zone that can serve as a support.
Although this is a relatively wide area, it was she who defined the accumulation of the previous bear market. This zone should be respected and the price should not fall below it. Otherwise, the overall would be violated growing BTC cycle in the long run and the trend is likely to end in this cycle.
- CryptoQuant Analyst: Bitcoin Nowhere Near Its Peak – Buckle Up, Hodlers! - December 21, 2024
- Chainalysis: $2.2 Billion Lost to Crypto Hacks in 2024 - December 21, 2024
- Bank of Japan leaves interest rate unchanged: Impact on the macroeconomy and the crypto market - December 20, 2024
