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BTC analysis – the price has a problem reaching a higher maximum and dominance falls

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BTC currently cannot overcome the last maximum, which may mean continuing indecision on the main cryptocurrency price chart. At $ 59,300, the price failed up to three times in a short time and thus develops resistance. Volumes they were on the bull side at this stage, but at the last rejection, bears began to dominate again.

BTC for his indecision again loses dominance, which fell to 41.80% at the time of writing. In the short term, the price is a sideway, but after such a serious hesitation, there is also a corrective leg in the game. What needs to be observed if the price flies out of this short-term structure?

BTC / USD 4HBTC / USD 4H. Source: TradingView

Key support level

Key support level is in the area of ​​the last minimum, and if we want to think about reversing the trend, the price must set a higher or at least the same minimum. It is still true that the most bearish scenario in the short term we follow on support zone from about $ 51,000 to $ 53,000. With the last minimum, the price tested the area of ​​the previous long-term maximum.

Testing the previous maximum is always bullish signal, but the reflection must be accompanied by higher volumes. In the short term, the price continues sideway and must either reach a higher minimum or overcome resistance at $ 59,300 with a bullish target of $ 61,250.

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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