BTC analysis – the price erased all previous growth, bull volumes are in decline1 min read
BTC is still continuing its sideway movement, but in the last few hours it has completely erased the recent bullish bounce, which was no longer supported by such high volumes. Growing leg in the ascending triangle did not last long and volatility continues. Will BTC keep support or will the correction continue?
The nearest support is located at about $ 37,500 which is the previous short-term minimum. Subsequently, we will monitor the creation of a higher long-term minimum if we want the sideway structure to last in the form of an ascending triangle. Another support area is around $ 35,000 above point 3.
BTC erased the previous growth
It is important to note that from the current sideway structure, the price can continue as well upwards, but also downwards. Therefore, it is ideal to wait for the breakthrough resistance $ 46,000 when confirmed reverse pattern 123 bottom formation and then we would face a lower risk.
If the price falls below $ 34,500, the potential reverse pattern is invalid. Consolidation between resistance a support in addition, it may take several more weeks for one of these levels to be exceeded. So far, this pattern remains unchanged since bullish a bearish volumes began to level.