BTC analysis – price tests key resistance
1 min readBTC continues its short-term upward trend, market price is on important long-term resistance. Will be able to overcome it? The resistance facing the price consists of local highs of the whole correction structure, which lasts from ATH. The price could thus definitively break this structure and continue accumulation zone.
The price must overcome band around $ 49,600, where the mentioned resistance and the previous maximum are located. If the price eventually exceeds this zone, then the bull target will be $ 52,000. Still, this zone will be an accumulation area from which the trend should turn again to a growing one.
BTC / USD 4H. Source: TradingViewBTC looks bullish
But what if the price on current resistance fails? In this case, we will monitor whether the price succeeds keep support short-term double bottom at $ 45,600. Price can overcome resistance in another attempt, but it is essential that it creates another minimum higher or at least at the same level.
In the long run, BTC has achieved throughout its existence rising long-term lows. The last minimum is at around $ 41,000, so the price should not fall below this area at the moment. If that happened, it would be the first time in history. In the long run the price remains bullish.
