BTC analysis – the price attacks $ 46,000, the end of the triangle is approaching
1 min readBTC briefly surpassed the $ 43,000 level and the upward trend seems to be continuing. Volumes are still bullish which also confirms the rising leg of the market price. It is thus possible that the price will attack again resistance $ 46,000 which will represent the third contact in a row during the sideway structure of the ascending triangle in which we are over 2 months.
Although there is still room for continuation of the current pattern and the price may vary between support a resistance another month, termination may occur at any time. If the price exceeds $ 46,000, we will follow target $ 51,000. On the contrary, the nearest support is at point of control $ 39,000.
BTC attacks $ 46,000. Source: TradingViewBTC attacks $ 46,000
In the long run, the chart is still bullish and even in the short term, the pattern is bullish. It was created after a corrective structure, so after the current lateral movement, it should come into play again growing trend. However, it will not be possible to determine whether it will be long-term. The volumes are very low compared to the previous year.
Is it possible that BTC will decline from its current structure? Yes, it is possible precisely because the last correction was not recorded final surrender as it has been in the past. Of course, this is not a necessity, but it is definitely necessary to take this scenario into account and prepare limit purchases below $ 30,000.
