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BTC analysis – regardless of the closing of the triangle, we remain bullish for a long time

1 min read

BTC is still in the ascending triangle and has been in a slightly rising trend since March 14. The market price is slowly but surely approaching $ 46,000 resistance. It is true that in the short term we remain bullish and also from the long term. However, it is not possible to determine how the current pattern closes.

Throughout the structure bullish volumes predominate and otherwise it was not even at the last bounce from the support. Support is defined by the local lows of the potential reverse structure 123 bottom formation. On the other hand, to confirm growth, we need to break the double peak at $ 46,000. Target is then located at about $ 51,000.

Bitcoin is bullishBTC is bullish. Source: TradingView

BTC is bullish

Should the current structure be closed by chance bearish leg, is likely to occur final liquidation of positions which would represent the final leg of the long – term correction. This would provide an opportunity to buy BTC for around $ 30,000, which is crucial support in the case of a bear’s triangle closure.

Even if this closure occurs, we still remain bullish, we just have to wait for the real reversal of the trend. The structure of the long-term BTC chart has been a sideway for over a year, and this zone from $ 30,000 to ATH will be a key future support and a reflection zone.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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