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BTC analysis – volumes are rising and price is testing the main resistance again

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BTC eventually maintained support at retracement level 38.2% and after a double day it continues up the growing leg. From reaching a level of $ 42,500 tif the price more or less stagnates, but the sentiment changes. The proof is mainly sharply increased volumeswe have been waiting for. Will the price finally manage to break through the main resistance?

The price BTC in the end she did first support at $ 37,750, which represents the main point of control of the entire sideway structure, which has been valid for two and a half months and has not been violated to date. However, a fundamental movement can be identified on the volume indicator. You do they rose sharply and were last recorded at that level in early June.

BTC / USD 4H.  Source: TradingView
BTC / USD 4H. Source: TradingView

Will BTC overcome the long-term sideway structure?

It is thus quite probable that the price will eventually overcome the resistance it is currently facing. The main resistance consists of local maximum that have formed since ATH. It is therefore a significant long-term resistance. Its level is currently around the value $ 41,000 and the last maximum is on the surface $ 42,500.

If the price eventually exceeded this value, the first target is the $ 46,200 level. Between $ 42,500 and $ 46,200, there is a large gap where the price traded minimally and no support or resistance was found.

RSI it also did not need to go to the level of oversold, but vice versa broke resistance flag a little earlier. However, the indicator created a positive divergence on the double price day.

Should the price on resistance fail, the main support is the mentioned point of control. And if the price didn’t even hold this support, we would then be looking for support for about $ 35,000. So far, however, this scenario is less likely in the short term.

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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