BTC analysis – the price holds support and increased by 6% per day, will it be enough?
1 min readBTC eventually managed to sustain support $ 39,000 and immediately bounced back above the $ 40,000 level. The price will face again resistance which may decide on termination of the current correction leg. The dominance of the main cryptocurrency, meanwhile, has risen to 41.96%, but it is still between 42.10% and 41.40% sideway structure.
BTC will face the next one resistance about $ 41,500. First, there is resistance from the maximum of the current correction leg. Secondly, there is an area of increased transaction volume, which suggests that supply and demand often create a temporary balance here and so it can serve as a reverse band.
BTC holds support. Source: TradingViewBTC holds support
The last rebound was not accompanied by significant volumes, but if we look at the price behavior during the minimum flags, we find that sometimes such volumes were enough to change the trend. In the short term, we will therefore monitor the level of $ 41,500 and $ 39,000. This is because sentiment is still short-lived bearish.
However, if we look at long-term BTC prediction, we still stay bullish. The price reaches higher and maximum lows in the long run. In addition to $ 39,000 support, we will monitor $ 37,000 and $ 35,000 levels. It should not be forgotten that the pattern in which the price has been in place since the beginning of the year should be close by correction.
