BTC continues its upward trend in the short term, but is still in bull flag. This flag has a resistance of approximately $ 45,500. Will the price manage to end the bull flag, or will it continue? The price is rising, but without the support of increased volumes. So where are the nearest levels of support and resistance?
BTC points to flag resistance after closing the sideway structure. The resistance is approximately $ 45,500 in the zone, and if the price exceeds this level, the bull flag, which is valid from a maximum of $ 53,000, ends. In that case, the first target would be the level of point of control, ie $ 47,250. In the short term, this is where the highest number of transactions is located. In other words – the most balanced here is supply and demand.
BTC can overcome the bull flag
However, if the price really reaches this target, it still does not mean that the primary trend has changed. The bull flag, which has been running for 3 weeks, will end, but we will still be in the flag, which has been running since ATH. In other words, long-term highs are declining unless we exceed $ 53,000. We can’t talk about a change until we break through $ 53,000 primary trend and the beginning of a new bullrun.
In the bear scenario, the main support is still at $ 40,000 to $ 41,000. This support zone it is not only short-term, but the price has respected it for several months. If the price failed on this export, it would be quite likely that the trend would not reverse so soon.