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BTC analysis – the price rose to $ 38,000, we are still a long way from reversing the trend

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BTC is still in bear flag. And even though the last few hours have been growing, so far the growth is negligible and the reversal of the long-term trend is far from over. Maybe the price has already reached bottom correction, but the price must first confirm this so that we can eliminate the risk as much as possible. Meanwhile, the dominance of the main cryptocurrency is constantly growing above 42%.

During the last slight increase in BTC many altcoins hardly moved, resulting in an increasing market share for BTC in the short term. Volumes have increased at the last minimum, but this is not a breakthrough, even if these are the first signs of interest in trading.

Bitcoin is rising slightlySource: TradingView

BTC is growing slightly

In the short term, the price is facing resistance of $ 40,000 and $ 42,500. Even at $ 43,600, the last maximum is. We would have to rise above this maximum if we wanted to see a reversal of the trend. So far, it’s current weak trend. Another significant resistance is point of control $ 47,300.

On the other hand, we can watch supports $ 34,000 and $ 29,000. Even the price may fall below $ 29,000 for a while weekly MA 200 which is also the most bearish scenario and is currently around $ 20,000. However, over time, this indicator grows. Only time will tell where the price will bounce.

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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