BTC continues its slightly growing trend and is slowly but surely approaching the significant $ 40,000 mark that until recently was support. However, the market price has still not exceeded the previous maximum even in the short term, so we do not yet know whether we will really reach this level.
The market price did not exceed previous short-term high of $ 38,900 and continues in the ascending triangle towards resistance. If the price could be overcome $ 40,000, it would be significant change of sentiment at least in the short term. We would overcome not only horizontal resistance, but also resistance from the maximum flag.
BTC is heading for $ 40,000 again. Source: TradingViewBTC is heading for $ 40,000 again
In case of a breakdown of $ 40,000 is the closest target at about $ 43,500, where the previous long – term maximum is located. If we overcame it, correction structure will be terminated. However, it is too early for such predictions, because the price is still in the flag. In addition, we will need to break through bull volumes.
Vice versa, if the price fails to exceed $ 40,000, we will monitor the position of the next short-term low. That should be higher than the last one at $ 33,000 if we want to think over reversal.
