Cryptheory: Crypto and Internet

cryptocurrency and internet meaning, guides, learning

BTC analysis – the price still does not signal the bottom of the correction. Will continue to grow?

1 min read

BTC in the short term stagnates between $ 42,000 and $ 43,000. Still failed to reach a growing minimum, respectively. maximum. In the short term, one minimum is higher, but that’s not enough to reverse it. Price either needs a long-term go sideway on support of $ 40,000, or create higher maximum.

The main one resistance, which the price must overcome, is on the surface $ 45,700, where the resistance of the flag is roughly located and, in addition, the horizontal resistance from the previous lows. On the other hand, the price must be maintained support on $ 40,000 which is doing so far, but the bounce from this support has been weak.

Bitcoin must create a growing minimumSource: TradingView

BTC must create a growing minimum

Even if the price reached about $ 45,700, it wouldn’t mean trend reversing. We would still be inside the flag. Even if we are considering creating a long-term growing maximum, the price should first exceed the level up to $ 52,000. As we can see, we are still a long way from this fact.

On the other hand, if BTC fell below $ 40,000, we would be in the strongest previous accumulation zone from $ 30,000 to $ 40,000. We would identify the nearest support on $ 37,000. The price may already be at the bottom, but so far it has not confirmed it by far. Therefore, both options are open.

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.

Leave a Reply

Your email address will not be published. Required fields are marked *