24/7 crypto news, cryptocurrency meaning, guides, learning, #cryptohelpschildren

BTC analysis – the growing trend of BTC already represents more than 10%

1 min read

BTC continues in the short term growing trend and has risen by 10.50% since rebounding from the first $ 44,000 support. During this growth, many altcoins stagnated and this was reflected in the dominance of the main cryptocurrency. It rose to 41.13%. This growth is still not supported by significant volumes.

BTC after more than 10% growth is heading for the next bull target $ 49,700. We have definitely completed the short-term sideway structure and a reflection from the retracement of 38.2% from the previous growth was enough. Now the nearest support has moved to point of control $ 46,400.

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

BTC short term bullish

Even though we are growing, it is still more likely that the price will create a lower maximum than the previous one at $ 53,000. It can happen, of course, but for now volumes they will not be enough for that. The price exceeds the previous maximum, but it may not happen immediately.StormGain

The price will create a lower maximum, followed by a short-term correction, and thus we will exceed $ 53,000. In the long run, however, the recent decline to 19% did not change sentiment. We will still monitor the key support zone $ 41,000 to $ 42,000. Although after the recent increase, it is unlikely that we will look at this support zone in the near future. The key decision point was the $ 44,000 target of 38.2% retarcement.

Leave a Reply

Your email address will not be published.