Cryptheory

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

BTC analysis – the price is still looking for a minimum. Will support be maintained at $ 53,000?

1 min read

BTC continues to correct in the short term and manages to reach higher local lows and still looking for new ones. The price goes to significant support, which may or may not sustain. The price does not yet indicate a reversal of the trend and volumes also reach higher numbers during bear candles compared to bull candles.

The goal we are watching is to reach a support level $ 52,000 to $ 53,000. This zone represents the area of ​​the previous long-term maximum. If the price manages to test this maximum and creates a local minimum here, it may be about bull signal and the emergence of a new growing trend.

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

BTC continues its long-term growing trend

The current BTC bull halving cycle lasts the same as the previous one. However, this is not over and we will continue to prolonging rising trends. It may take several more months for BTC to reach its long-term high and peak cycle. The profitability of the current trend is also lagging behind, but it cannot be expected to go around the previous cycle.

RSI indicates a positive divergence in the short term, thus confirming the fact that the declining trend weakens. The correction is currently around 22.50%, which is a normal reversal of the primary trend. Therefore, BTC’s long-term trend still remains intact.

Leave a Reply

Your email address will not be published.