BTC analysis – the price encountered resistance of $ 48,000. Are we waiting for a decline?
2 min readBTC continues the growing wedge that we have already identified in previous analysis. So far, that’s still the case volatility decreases and resistance and support converge. The growing legions in this wedge are also getting smaller and in the last two cases they are even supported by ever lower volumes.
BTC Although it again reached the level of the maximum just above $ 48,000, the previous maximum is also in this band. There is thus the potential to create a double peak that could predict trend reversal and wedge termination. However, the second maximum has not yet been confirmed and there is still room for growth to around $ 49,000.
BTC growth is weakening so far, can that change?
The wedge should be closed with a corrective leg, but this may not always be the case. If the price manages to exceed the last maximum, but in addition the volumes rise, then a scenario is also possible, where growth will continue along the lap. The nearest bull targets are on the surface $ 50,500 and $ 53,500. There is a deep gap between these values with a small number of transactions.
Conversely, if the wedge closes with a correction leg, we will monitor the first retracement at 38.2% or the level of $ 41,000. This represents a long-term former resistance of more than two months of accumulation phase. RSI still shows the same negative divergence at the overbought limit of 70 points.
In the end, we do not know for sure what it will be like wedge finished. However, if the volumes rise above the volumes of the last growth, a bullish scenario is also possible.
