BTC analysis – this structure indicates that the price is heading towards the $ 50,000 mark

BTC has been moving sideways in the last 24 hours and has recorded a lower local maximum. Nevertheless, it still maintains support level growing trend. Volume structure but it does not look good and therefore it is realistic that the price is below support falls and we look again at the previous triangle.

Bitcoin recently tested support as before resistance triangle and it meant bullish signal. The price has stagnated since then and is going sideways. We are still watching target at around $ 51,000, but it will not work without volumes. We need to increase volumes in the formation of bull candles. Current resistance is at the previous maximum of $ 48,000.

BTC stagnates below resistance. Source: TradingView

BTC stagnates below resistance

If the price exceeds the last maximum of $ 48,000, it should easily reach the target. Current several day sideway structure however, it does not have to be terminated only upwards. Therefore, we will monitor a higher local minimum than at $ 45,000. However, we remain in the short term bullish.

Bullish we are also in the long run, because the trend is intact and in the long run it reaches growing lows and highs. Meanwhile dominance of the main cryptocurrency is in decline, resulting in rising prices for many altcoins, which have been making decent profits in recent times.