Cryptheory: Crypto and Internet

cryptocurrency, internet and AI meaning, guides, learning

BTC analysis – the price is directly at the key resistance, but the volumes are not enough

1 min read

BTC is still in a growing trend and has come across in the short term resistance ascending triangle that is current for more than two months. On the other hand, we are watching decrease in volumes which may indicate that the upward move is coming to an end and the price may not have the strength to get over $ 46,000.

If we expect BTC to break through the key resistance so this break must be accompanied by much higher ones bullish volumes. Otherwise, we may return to a declining trend. We will follow in this scenario support at the level of point of control $ 39,000.

Bitcoin for $ 45,000BTC for $ 45,000. Source: TradingView

BTC continues to grow

BTC is in the accumulation phase, which arose after the end of the correction structure. However, since BTC has not reached a single rising maximum, we cannot clearly define the end of this accumulation. That’s why it’s in the game, too final surrender which tends to be the last point of the correction and is accompanied by high volumes in the short term.

Therefore, it’s a good idea to have your purchase limits set at $ 30,000 and below. However, we are currently watching the price exceed $ 46,000. If the price still succeeds, we will follow target at about $ 51,000. if resistance will be maintained, the price may continue in the triangle for further weeks.

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.

Leave a Reply

Your email address will not be published. Required fields are marked *