BTC continues its upward trend, reaching a new high of $ 48,000. However, each subsequent growing leg is weaker and is supported lower volumes. The latest growth is clear evidence of this. In addition, the price is traded in the resistance zone. So is it high time for a correction or the price of BTC to overcome the current resistance?
BTC it does not end in growth and continues to create a growing wedge, which is likely to end in a corrective leg. However, it has not yet been confirmed, and therefore the nearest targets that we will pursue are on the surface $ 49,000 and $ 50,500. It would be ideal to overcome wedge resistance, which consists of local maxima.
Will the BTC trend reverse in the short term?
On the other hand, reaching the level of $ 48,000 may mean another maximum within this wedge, which could lead to a correction leg with the first target $ 45,000. Another long-term support that we will monitor is level $ 41,000 where the upper limit of the accumulation zone, which lasted more than two months, is located. Testing it would mean bullish signal. So far, however, the price does not go there.
However, the recent rise to $ 48,000 was accompanied by weaker volumes than the previous rise. We can clearly conclude that the trend is weakening and it would be healthy to create a corrective leg. RSI in the meantime, it has reached the limit of overbought, where it has already encountered several times in the previous growth, and thus a negative divergence, which is also bearish, still applies.
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