BTC is still in the short term in sideway movement which resembles a triangle. However, we will be interested in how the price will behave after its closing. So let’s look at possible short-term scenarios and also where they will pay off in the long run to Buy a BTC.
Even if the price exceeds resistance current sideway movement, I expect only short-term growth, but certainly not reverse growth. If we want to think about reversal, the price would have to exceed at least $ 40,000. At present, however bullish volumes are missing to such a reflection and in comparison with bearish volumes are short in the short term.
BTC continues its sideway movement. Source: TradingViewBTC short term sideway
As we can see, even if we were in the short term bullish trend, I expect earlier in the medium term the final stage of the correction and following accumulation. So where to buy BTC in this scenario? The first key accumulation zone will be the area around MA200 on the weekly chart. It is currently reaching $ 21,960.
Over time, this moving average increases and the price may go below it in the short term. If the price contacts this support, we will monitor whether the weekly candle closes with the body above this indicator. Of course, all prices below MA200 are in the long term ideal for accumulation.
