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BTC analysis – the price increased by 12% in a single day, the correction ended?

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BTC after reaching the first target at 38.2% retracement after closing the growing wedge managed to achieve bounce of 12% in a single day. We have never seen such a strong daily bull leg during the whole correction structure. It means about that sentiment slowly but surely turns and bears are losing strength.

The current growing leg has been accompanied bull volumes, which is essential when breaking important borders. However, such volatility cannot be expected to continue in the long run. RSI already indicates overbought and it is therefore possible that the local maximum will be created soon. We could expect a short-term growth to stop somewhere under $ 43,500.

Bitcoin grew by 12% in a single dayBTC grew by 12% in a single day. Source: TradingView

BTC grew by 12% in a single day

As we can see, the level of about $ 43,500 represents the previous long-term maximum. If the price exceeded it, it would be confirmed growing trend. But it probably won’t work on the first try. In the current growth, we can only confirm that resistance The flag has been overcome and we are entering a new phase.

This phase can be calm and the beginning of a longer accumulation zone, respectively. sideway structure. Of course, we do not know this at the moment and we will need to create another maximum and minimum for that. However, we can expect the local maximum soon.

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