BTC created a double peak on previous maximum $ 45,300 and continues to correct in the short term. Therefore, it is necessary to monitor another minimum. The minimum should be set higher than before. So where is support a resistance of major cryptocurrency and another target?
First of all, it must be said that the trend is still bullish and I expect the current downturn to be only within the current upward trend. The local minimum could be created at approx $ 40,000 which is a historically important value of reversal and, moreover, there is the previous one resistance which can change to support.
These are most important price levels near market price:
- Support – $ 40,000, $ 37,000
- Resistance – $ 46,000
BTC continues sideway. Source: TradingViewBTC continues sideway
A bullish signal confirming the onset of a growing primary trend will occur when prices are surpassed $ 46,000. The next days may be the price bearish, but sentiment is on the side of the bulls and also the metrics. Volumes during the entire potential reverse pattern 123 bottom formation prevail on the side of the bulls.
The moment the price exceeds $ 46,000, I expect an increase upward volatility, because all market participants are waiting for this moment. In the meantime, that the price may not fall under point 3. In the short term, the price continues in the sideway structure, but I expect it to break upwards.
