BTC analysis – the price continues in the flag, will it manage to overcome the last maximum?
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BTC continues in the short term for the time being falling flag. The market price goes again to test the resistance of this flag. The price has not yet been confirmed trend reversal nor breakthrough resistance, whether short-term or long-term. For this reason, the question of further movement is open and the price may continue to correction structure.
The last two lows were formed at the same level, but the price still failed to beat the last maximum among them at $ 49,250. If the price exceeded this level, it would probably go beyond the resistance from the maximum correction, which is current since the beginning of the decline from ATH.
BTC / USD 4H. Source: TradingViewBTC still hasn’t confirmed the bottom
That break should be encouraged volumes on the side of the bulls, which is not happening yet. We have not even confirmed that the resistance of the flag has been broken. Bull target in case of breaking the mentioned resistance is on $ 52,000 and $ 54,500. But what happens if the price does not keep the last double bottom at short-term lows?
In the bearish scenario, the price will fall below the last minimum and thus end the flag with a correction leg. Where is the next one support zone? Determine the area that is needed watch, is in the interval $ 42,000 to $ 43,000. This is the area of the previous long-term minimum.
