BTC analysis – the price is on the key flag export, decided within a few days
1 min readBTC has grown in the last 24 hours, rebound was not supported by volumes and the price itself did not get far resistance and the previous maximum. In the short term, therefore, we remain bearish. The dominance of the main cryptocurrency, meanwhile, has broken 42.15% and is located on the resistance sideway structure valid for a whole month.
As we see the price is above support bear flag, which is current since the beginning of 2022. If the price fails on this export, then a new correction leg awaits us. The downturn has slowed, no bears still dominate. Therefore, it will be crucial where another short-term minimum is created in relation to the previous one.
BTC on support flag. Source: TradingViewBTC on support flag
The main cryptocurrency must sustain last minimum at $ 37,700 otherwise we will follow support $ 35,000. It is possible that the current sideway structure will change from a flag to a flat structure. In the short term, however, it doesn’t matter. However, if there was an increasing minimum, it would mean a breakthrough resistance of maximum correction.
In this scenario, the price would have to match $ 40,800 and if it overcame it, the price would confirm the local bottom of the flag. But I still stay bearish but in the long run bullish. The price is currently at the point of control, which may represent a strong dose of the key support for the price.
