BTC reached a new local high of $ 49,225. Subsequently, it dropped to support MA21. Will be able to keep it? The growing trend has lost momentum, which is confirmed by many indicators and the price itself. Nevertheless, dominance still maintains the value at 42.31% at the time of writing. So the Altcoins are waiting for further BTC moves.
BTC stopped at the point of control resistance band, which is located at $ 47,965. This resistance zone has not yet been overcome and the price is testing MA21. If MA21 does not hold, the nearest support is in the $ 44,600 zone. The price would test the previous resistance as a support and, in addition, the previous local maximum.
BTC encountered resistance
If the price could eventually bounce back to $ 44,600, we’d probably break the point of control. But we need higher for that bull volumes which are still missing. In the bull scenario, the key resistance zone is between $ 51,400 and $ 53,000. There is resistance valid from ATH. In addition to $ 53,000, there is a previous long-term high. Until the price beats it, the primary trend will not change.
If the price reached a higher maximum than $ 53,000, for the first time since ATH, a higher long-term local maximum would be created. RSI also shows a negative divergence in the overbought phase, which is bear signal and talks about the cooling of the trend.