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BTC analysis – the price holds $ 41,000, will it break the resistance of the bull flag?

2 min read

BTC continues the sideway structure and bounced back from the last low support levels at $ 41,000. However, the last maximum is still not exceeded. Will this structure be enough to end the bull flag, which lasts from a maximum of $ 53,000 or not? Despite rising prices, volumes are still not high but the RSI has begun to indicate a positive divergence.

BTC maintains a support level of $ 41,000, which represents long-term support and at the same time the upper limit of the previous accumulation zone. A decent number of transactions from a historical point of view also starts at this price. For these reasons, the price respects this support and in the short term creates a descending triangle.

BTC / USD 4H.  Source: TradingView

 

BTC / USD 4H. Source: TradingView

BTC still maintains $ 41,000

If the price goes up, the first signal occurs when the last maximum of $ 44,400 is broken. Subsequently, however, on confirmation of flag breaking we will need to overcome the resistance of the flag to about $ 45,700. Only at this point will the flag be closed. To break the resistance of the flag, it would be appropriate to bathe in much higher volumes. These are still missing.

Conversely, if the price fails to maintain $ 41,000, then additional support is at about $ 38,000. In this zone there is also a half border of the long-term bull flag, which is current from ATH. In the short term, however, the trend is slow turns what to see on the strength of bull candles compared to bears. RSI also created the last minimum higher and thus started a positive divergence.

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