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BTC analysis – the growing trend does not end, where is the price heading?

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BTC continues the growing leg, but in the short term the price is corrected. Will the price test the previous level of long-term resistance as support or not? We will also look at another potential bull target in the analysis.

BTC created the last local maximum at the level of $ 45,355, at the time of writing the article has already fallen to the level of $ 43,456 and is thus trading almost $ 2,000 lower. During this downturn, however there was no significant increase in volumes, and therefore the correction is only short-lived. During growth, the volumes are much higher than during the decline in the current leg.

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

BTC remains bullish

The nearest target we are tracking is at level $ 46,200. So far, however, the price is in slight decline, which can last up to $ 41,000. This level would be tested as a new support. Its test would also mean future price developments bull signal. However, the price does not necessarily test this level and it can create a local minimum sooner.

Volumes could help us identify the local minimum. As we said, during the last few days the volumes are higher than during the decline. If we want the trend to continue, then at the next minimum, the volumes must also increase.

RSI it creates a negative divergence throughout the uptrend and last stopped at the overbought limit at 70 points, where it created a double peak. In the short term, the price may fall in the range of $ 41,000 to $ 43,500, but so far all indications are that the growing leg is not over yet.

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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