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BTC analysis – the market price is at resistance, can it overcome?

1 min read

Although BTC is still in the sideway structure, it overcomes MA21 and reaches a higher value than the previous short-term local maximum. This behavior is not typical of sideway structures during correction. It is therefore possible that the price will go to in the short term growing trend. Where is resistance?

BTC after overcoming the last maximum and MA21 fights on the resistance of the sideway structure at the level of $ 47,000. If the price manages to go above this resistance, then the next target will be $ 48,700. Local minimum on the market $ 44,000 was the key point in deciding whether the price would be continue the correction or not. Finally, we tested this level, which represents 38.2% of the retracement of the previous growing trend.

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

BTC is still a sideway

But watch out for volumes. These are still small and will probably not create a possible growing trend higher local maximum how to do it before the correction. The fact that the price did not exceed the market value resistance may mean that the sideway structure has not yet been definitively completed.

In the long run, even if the price falls into another correction leg, then zone $ 42,000 to $ 41,000 is a very strong support. Conversely, if the price goes up, a sideway structure can be created from which the price can in the future bounce up.

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