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BTC analysis – the price forms a reverse pattern, but will it be valid?

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BTC not yet did not generate a growing local maximum within the correction and it does not seem to be otherwise in the current situation. The market price has started to stagnate and has not yet attacked the key one resistance. Probably the price will continue in the potential side structure. What levels need to be monitored?

In the short term, it is necessary to always monitor the position of the previous minimum and maximum. BTC was recorded for the first time increasing minimum in point 3 which, however, does not mean definitively trend reversal confirmation. For that, the price would have to reach a growing maximum and thus overcome $ 46,000.

Bitcoin can form 123 bottom formation.  Source: TradingView

BTC can form 123 bottom formation.

BTC forms a potential reverse pattern

By creating a growing minimum, the question arises as to whether BTC will not happen by chance 123 bottom formation. However, its validation will not occur until the aforementioned $ 46,000. Therefore, it is necessary to take into account bearish scenario. If the prize falls and does not keep point 3, then the whole pattern is invalid.

The nearest supports are on $ 33,000 a $ 29,000. In addition, while the price is in the range of $ 30,000 to $ 40,000, it is in the accumulation zone and the main support zone of the entire sideway structure, which has been current for over a year and is significant in the long run.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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