BTC analysis – price tested support, but the reversal of the trend is still not confirmed
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BTC has not experienced volatility in the last 24 hours and has more or less taken the sideway. The price, however tested support at the last minimum and the growing leg is still in play. Unfortunately, the price still failed to exceed the previous local maximum. Let’s take a look at potential scenarios together further movement of BTC.
BTC tested the previous resistance from the maximum with the last minimum as a new support. It’s about bull signal, where, in addition, bull volumes prevailed over bears. In the short term, we are therefore bullish, but confirmation of the growing trend will occur only when the price exceeds the value of the previous local maximum, which is located at level $ 59,300.
BTC / USD 4H. Source: TradingViewBTC has long been bullish
if the price beats the last maximum, so we are watching the bull target at the point of control $ 61,250. The price in this area is likely to create a maximum or stay a minimum until it overcomes resistance. However, if the price fails to exceed the last maximum, we continue with the sideway structure.
In a bearish scenario, it’s important monitor the position of the next local minimum. That needs to be higher than the previous one at $ 53,300. It is still true that the nearest strong support zone is in the interval of approx $ 51,000 to $ 53,000. The current correction is only 22.50%.
