BTC analysis – we are approaching the local maximum. Where will it be created?
2 min readBTC has been continuing its growing trend since rebounding from the main support area. We reached our first target at $ 34,500 and the price does not indicate a stop. But until when will this trend continue and when will we reach the local maximum?
BTC is located on the first target $ 34,500 and it is possible that we’ll also reach our second target at $ 36,000. However, it is a bearish indicator constantly decreasing volume during the growing leg. This means that we are probably approaching a local maximum.
The indicator also gives us the same prediction RSI, which is in the overbought phase. The last time we stayed at ATH was on the timeframe 4H. We are therefore approaching reaching the local maximum and it is necessary to prepare for it.
BTC has long been a sideway
After reaching the local top, I subsequently expect that the price could return to point of control $ 32,820. Although we have definitively ended the monthly declining leg, in the long run we are still in sideway structure, which has been current for two months and ranges from $ 29,000 to $ 41,000.
Long-term resistance is still at $ 41,000. In addition to the upper level of the sideway structure, there is also resistance from the maxima, which arose near the ATH. Until the price exceeds this level, the long-term trend will remain unchanged.
On the other hand, in addition to the aforementioned support of point of control $ 32,820, we will also be monitoring $ 29,300 in the long run.
Disclaimer: This article is for information purposes only and should not be construed as investment advice.
