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BTC analysis – short-term growth continues, but strong resistance awaits the price

2 min read

BTC eventually reached a local minimum on MA21 supplementation at period 4H. In the short term, therefore, the growing trend continues. Finally, volumes have also increased, but these are still not high numbers. Dominance BTC in the meantime, it continues the growing trend and already reaches 42.82%. Where is the resistance band and the next target?

After a short-term sideway structure and contact with the MA21 indicator, BTC respected this support and continues to grow. The resistance area at the point of control of $ 47,965 was thus broken. So it should be in the short term price still continue to rise, but resistance is already waiting for us in the zone from $ 51,400 to $ 53,000. It is quite possible that BTC will not overcome this resistance on the first try.

BTC / USD 4H.  Source: TradingView
BTC / USD 4H. Source: TradingView

BTC is short-term bullish

This is a long-term resistance from local maximum, which are decreasing from ATH. If the price managed to overcome the resistance of $ 53,000, it would mean the first long-term rising maximum from ATH. In other words, the new bullrun would be confirmed. However, it is questionable whether the price will succeed on the first try. We would need high volumes and also less overbought for this.

RSI indicates a slowdown in the trend, but the trend continues. The negative divergence is still going on and the chart has already gotten below the overbought zone below 70 points. This means that according to RSI it is still room for price growth, but if it increased, the negative divergence would be violated and the price would go into the overbought phase.

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