BTC continues the short-term sideway structure between parallel resistance and support. However, within this sideway structure is market price directly on resistance. Today, it can be decided whether or not to drop out of this side structure. Where are the other targets in case that the structure will be broken?
BTC is at the resistance limit of $ 50,500 at the time of writing. It was at this value that the growing trend in the wedge ended in point 5. However, after closing the wedge, there was no correction with the first target to 38.2% retracement of $ 42,500, but on the contrary, we are sideway. This clearly points to the power of bull’s hands.
BTC is bullish
The sideway structure is bounded between $ 50,500 and $ 46,500. If the price exceeds the mentioned resistance, so first the target is a level of $ 53,500. There is a gap between $ 50,500 and $ 53,500, which is likely to shoot the price with higher volatility.
Conversely, if the price fails to overcome resistance and falls below $ 46,500 in support, the nearest target and main support zone is $ 42,500. Interval from $ 41,000 to $ 42,500 represents a key support zone that we must not fall under if we want the trend to continue. It is a support that separates the previous accumulation zone from the current growth trend. However, current sentiment predicts that the price will go up from the sideway structure. So we stay bullish.