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BTC analysis – the price is stagnating at $ 47,500, the next move should look like this

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BTC is still in a growing short-term trend and the last day stagnates at around $ 47,500. The trend has not changed yet, but there may be a short-term backward movement either before or on reaching our goal. Dominance in the meantime, the sideway continues in the short term and we expect a decline in the long run.

As we can see in the picture below, the price has started to stagnate and now I expect either testing $ 46,000 and continuing to grow, or the price will continue to rise from current levels. In both cases, we remain bullish. However, volumes are declining in the short term and may not be enough for the long-term trend.

Bitcoin stagnates at 47,500BTC stagnates at 47,500. Source: TradingView

BTC stagnates at $ 47,500

We can only determine the trend in which the price is located. The target level is $ 51,000 and it is quite possible that after reaching the target zone, the price will go into a short-term correction structure. However, if growth continues without correction, the charts must show an increase bullish volumes.

Support levels we are currently watching on $ 46,000 a $ 42,000. In the long run, the price still continues sideway between $ 29,000 and $ 69,000, and this structure may not be overcome by the current upward trend. However, when it breaks, it will be excellent bullish signal. But we have to wait for that.

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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