BTC has not experienced volatility in the last 24 hours and has more or less stagnated at around $ 42,000. It is still located just above the main support zone. Whether BTC really does support $ 40,000, we will find out soon, because the resistance of the flag and support are approaching each other and one of these levels will have to be overcome.
In case that BTC does not eventually maintain $ 40,000 in support, we will follow the next one support line for about $ 37,000. In total, the zone between $ 30,000 and $ 40,000 is considered the previous one accumulation phase and if we want to keep the cycle going, we shouldn’t fall below $ 30,000. However, we are not monitoring this support yet.
BTC still holds $ 40,000
In a bullish scenario, the price would be able to hold $ 40,000 and we would overcome resistance from local flag highs. So, first of all, we would face it resistance at $ 44,500 and following $ 45,700. The highest where we’re tracking the bull target is $ 57,000. However, the price is not yet approaching this target and we do not see any recovery in the short term.
In the long run, BTC is still following the trend and reaching higher local lows. The current situation points to weakening of the correction and it seems to be slowly but surely being created reaccumulation zone. Whether it’s worth $ 40,000 or less, hodlers basically not even interested.