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BTC analysis – will it be decided this week, will the 4-month pattern end?

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BTC reached again declining local maximum in the short term and respects so resistance of maximum correction. This week, a decision will be made on the further direction of the main cryptocurrencz as the level support a resistance is in a very narrow price range. Will the price maintain support?

The market price is located directly on the flag, but on the other side bullish volumes are missing, which were present at previous local lows of this pattern. Sentiment is therefore still bearish and the support we will be monitoring is on $ 35,000. In the long run, it will be support $ 30,000.

Bitcoin on bear flag supportBTC on bear flag support. Source: TradingView

BTC will decide this week

If we want to think about reversal, the price must either first go sideway directly to the support and then exceed the last maximum, or simply do not keep the support. The reason why the price was not reflected immediately from support As in previous cases, the fact that it is located directly on point of control.

Long-term prospects are still bullish but in the short and medium term, the main cryptocurrency may take several more months to form bottom correction.

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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