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BTC analysis – where will the price be reflected before continued growth?

1 min read

BTC created maximum $ 55,800 and subsequently created a short-term correction leg. However, this does not represent a reversal of the trend. So let’s look at the potential lows where the graph may bounce and continue to grow. Pullbacks downwards are necessary, and even in this case the price was already overheated and required correction.

The last maximum was created when the RSI was already in a lot high overbought. Now the price has returned to $ 2,000 below its last high and cooled for a while. We will monitor the next supports at the levels of $ 53,000 and $ 51,000. The current correction does not represent a reversal of the trend and growth should continue.

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

Where are the BTC supports

The $ 53,000 level represents the previous long-term local maximum that testing would mean bull signal. In addition, MA21 occurs in the 4H period in this region. It is thus possible that the price goes sideway as it waits for MA21 similar to October 4.

If we fail at this export, we will watch others at the level of about $ 51,000. This value for the change indicates the band where the previous resistance zone, which consisted of long-term highs, occurs. In other words, it was the upper limit of the bull flag from ATH. These zones are of course indicative, but it is still true that the current decline is unlikely to last long.

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