BTC tried to overcome long-term resistance of the maximum correction, which is current since reaching ATH and still respects the price. It is no different now. Despite the end of the short-term bull flag, the price has not yet managed to overcome key resistance. Correction signal structures so it still hasn’t happened.
BTC respected resistance at $ 49,600. A short-term point of control is also close in this area. It will be the most important thing now monitor another local minimum. That should be formed at least $ 45,600, which represents the last double short – term bottom. If the price falls below, we are looking for new support.
BTC still did not overcome resistance
If the price doesn’t hold $ 45,600 in the end, another support zone is on the range from $ 43,000 to $ 41,000. However, BTC must not fall under this zone, as we would have reached a long-term declining minimum. On the contrary, if the price reaches a higher minimum, so the sideway movement continues and eventually the price can overcome the mentioned resistance.
Bull target in case the BTC overcomes the resistance, it is at the level of approx $ 52,200. The breakdown of resistance should be accompanied by higher bull volumes, which are not yet present. RSI indicates neutral zone in the short term, which is likely to be due lower volatility prices for the last days.