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BTC analysis – where does the local minimum and upward reflection occur?

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BTC reached the target from the last analysis at the point of control level of $ 36,740. The market price is in this band and the price has already seen a slight retracement. However, the local minimum is still not confirmed and therefore we cannot say with certainty that the decline is over.

BTC probably settled in the range of $ 36,000 to $ 38,000 for a few hours. It is also probable contact with MA21 at period 4H. After stabilizing in this area, I expect continuation of the upward trend. The target is the $ 41,000 level. If the price manages to exceed this level, the two-month sideway structure will be definitively terminated. In addition to the upper limit of the sideway structure, there is also resistance from local maximum, which arose during ATH, on the surface.

BTC analysis - where does the local minimum and upward reflection occur?

BTC still a long-term sideway

On the other hand, it is necessary to take into account that BTC it does not have to hold MA21 and falls down. So far, price developments do not indicate this, so we will monitor contact with this indicator.

From a long-term perspective, nothing has changed and we are in a long-term sideway structure limited from $ 29,000 to $ 41,000. This structure has been going on for two months. Nobody knows when this structure will be completed, and we can safely move in this price range for another month. However, there has been a change in dynamics the last growing leg. It was not a classic stable growing leg within the sideway structure.

Disclaimer: This article is for information purposes only and should not be construed as investment advice.

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