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BTC analysis – the price increased by 13% in a single day! Will the correction be completed?

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BTC increased by 13% per day and thus confirmed the growing local minimum. Price shows resistance to ongoing war in Ukraine. However, the question remains whether something has changed in terms of structure. So far, the price is far from over did not confirm a reversal of the trend and does not indicate the end of the long-term structure.

The positive is for sure a sharp increase in bull volume in the short term. This volume more than 2 times exceeded the sale from the previous day. However, the price still rises only below resistance and failed to create a growing maximum once. On the other hand, we last saw such high bull volumes, for example, on the Bitstamp exchange on August 5, 2021.

Bitcoin bounced upwardBTC bounced upward. Source: TradingView

BTC shot up

So that we can talk about confirmed growing trend would have to price beat $ 46,000, which also represents the previous maximum. In this case, the price would exceed the resistance from the maximum correction and, in addition, the previous maximum, thus confirming the 123 bottom formation pattern.

Despite the sharp rebound, it is still necessary to count on bearish scenario because at present the price has not left the structure and can only be an increase within a long – term declining structure. Supports are currently in the area $ 33,000 and $ 29,000.

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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