BTC continues the growing trend and still manages to maintain MA21 as support. We even seem to have broken the resistance of the sideway structure. Thanks to this sideway structure, the price is not in the overbought phase for a short time and the indicators offer room for growth in the price chart. What value will be the next stop in the trend of the main cryptocurrency?
The BTC on the chart shows a tall bottom wick that formed a bottom at $ 51,000 in just a few seconds. However, this event only occurred on the Bitstamp exchange. Either way, it was a fake break out and the body of the candle returned above MA21. Subsequently, much was created stronger bull candle, which represents the creation of a local minimum and reversal.
BTC remains bullish
Another target we are pursuing is still at $ 59,000, where the previous long-term local maximum that formed immediately after ATH is. In the short term, however, it is likely to be the last rising leg towards the target and then a correction structure should come.
Volumes indicate a weakening in the short term and we are unlikely to create one volumes as during the last growing leg. Although RSI indicates negative divergence, as with the previous leg, it may be broken if it overcomes resistance from previous local maximum.