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BTC analysis – the price is heading for a new maximum, where is the target?

1 min read

BTC continues to grow trends and instead of a harmonic pattern, a double bottom was created on the slide. The price still did not create a declining long-term minimum during the entire growth. The market price is attacking the resistance level of $ 50,500 and we will probably reach a higher local maximum.

BTC just struggling with resistance of $ 50,500 and if he manages to overcome it, another bull target will be on the surface $ 53,500. The nearest support is located at the level of the double bottom, where the last lows arose, at the value $ 46,500.

BTC / USD 4H.  Source: TradingView
BTC / USD 4H. Source: TradingView

BTC reverses sentiment

The most bearish scenario remains with the target at $ 42,500, but the price does not go down there yet. This is the first target for 38.2% of the retracement of the previous growing wedge. If the price did not exceed $ 50,500, it is likely that the price would go at least to the sideway structure. However, the target wedge should be reached much earlier, but the price, on the other hand, indicates strength on the part of the bulls.

StormGainVolumes during the rising leg they represent higher values ​​compared to the last decrease, which is also the case bullish signal. RSI in the meantime, it still creates movements between the support of 38 points and the resistance of 70 points. It is on this resistance that we are now. It is thus possible that we can stop at the level of $ 50,500 for a short time and only then continue to grow.

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