Cryptheory: NFT, Play-to-Earn, Crypto News

24/7 crypto news, cryptocurrency meaning, guides, learning, #cryptohelpschildren

BTC analysis – the price is heading at $ 43,500 and growth will continue

1 min read

BTC continues the short-term upward trend, which is the strongest since reaching ATH, and the bulls took control over the market. Nevertheless, the price is approaching resistance which will be key when confirming trend reversal. Price can create a local maximum in the short term.

The market price is trading at $ 42,787 at the time of writing and continues to grow in the short term. Another resistance is quite close already on level $ 43,500. This zone represents the previous long-term maximum and it may happen that the price does not exceed it on the first try. With sufficient bull volumes but it is possible.

Bitcoin is heading for the previous maximumBTC is heading for the previous maximum. Source: TradingView

BTC is heading for the previous maximum

Despite the fact that the price has overcome the resistance of the flag, it is too early to come to hasty conclusions. Growth only exists for the third day, and a more complex structure has not yet emerged. In addition, RSI indicates overbought phase what he says about approaching the local maximum but only in the short term.

If the price exceeds $ 43,500, another target will be resistance at $ 46,000. However, the price will not get there without correction, because the market would be too overheated. Thus, the trend continues with the approaching maximum and in the event that a corrective leg is created, the next minimum will have to be higher than the previous one.

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Your email address will not be published.