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BTC analysis – the chart remains bullish

1 min read

BTC still continues in sideway structure which is formed in ascending triangles and the price seems to create a rising minimum again directly at the support level. However, it must not be forgotten that ending such a structure may also mean bullish but also bearish scenario and it is not possible to determine exactly which will occur.

Definitely the most important the resistance level is $ 46,000. The price must exceed this level on the daily chart close by the price of the candle. At that moment, the sideway movement would end and a beginning would occur growing trend and in all likelihood, the current structure would represent a long-term minimum.

Bitcoin forms the minimumSource: TradingView

BTC still in the triangle

BTC indecision is dangerous and the structure can end at virtually any time. However, it may take several more weeks. Bull volumes are declining and bear volumes are still lagging behind. Key support is located on the surface around $ 33,000 to $ 34,000 within the minimum range in points 1 and 3.

Falling below the current support would not be long-term bearish signal. Even if we went for $ 30,000. In the long run, the chart is still growing and on-chain metrics also signal impending trend reversal. Whether BTC has reached the bottom or is still waiting for it, it may not be so important in the long run, because the bottom is close one way or another.

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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