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BTC analysis – support $ 39,000 still holds, but the reversal is not confirmed

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BTC finally managed to create local minimum for $ 39,000 and still remains in the long-term bear flag in the support zone. On the other hand, it is important that he still has not managed to reach the short-term growing maximum and thus thus no reversal was confirmed and the price continues the sideway movement.

Volumes have risen sharply during the last rebound in favor of the bulls, but these are not dizzying numbers. Nevertheless, it is about bullish signal. Nearest target to resistance of $ 42,000 is the first value we will follow. The most bullish target we are currently tracking to $ 44,000. However, the price has not yet confirmed growing trend.

Bitcoin bounced off 39,000BTC bounced off 39,000. Source: TradingView

BTC bounced off $ 39,000

In case bearish we will follow the leg supports on $ 39,000 and $ 35,000. In the long run, the accumulation zone is still around $ 30,000 in long-term hold. However, we do not yet have a reason for this in the short term support watch. We are in the short term bullish.

The price also managed to break the last reflection resistance from the maximum correction leg and thus this leg was definitively terminated. RSI meanwhile surpassed 50 points and signals a growing trend. However, the price itself has not yet confirmed this. To do this, he needs to overcome the last short-term maximum.

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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