BTC has recently taken a very important step towards a new local high and has succeeded test an important level, thus forming a new local minimum. The dominance of the main cryptocurrency, meanwhile, continues to correct as a result of the sharp rise in some highly capitalized coins.
The current trend setting is on the market bullish both in the long and short term. In the short term the price tested the previous level of resistance as a new support at about $ 45,000 a continues the growing trend. BTC thus tested the validity of the reverse pattern 123 bottom formation, which it represents bullish signal.
BTC created a bullish signal
Target that I’m watching is roughly on the surface $ 50,000 to $ 52,000 and then I expect a corrective leg. It is still true that volumes are in decline and if that doesn’t change, then bullish the trend will not last long. Nevertheless, bulls may pull the price up for a short time, but I recommend monitoring volumes.
To the next bullish signal occurs when the price exceeds the last short-term high of $ 48,130. So far, however, bounce is clear in the form of v-shape recovery. In the long run, BTC still holds growing local lows as well as highs and lows the trend is unchanged. Last year, however, the sideway structure is still current.