Cryptheory: NFT, Play-to-Earn, Crypto News

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

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.

Leave a Reply

Your email address will not be published.