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Bitcoin: growth continues, but the price faces decisive resistance

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BTC created a new increasing movement, but this was accompanied by a smaller volume compared to the previous one. The price also respected the resistance zone around $ 42,500, which is created from local highs at ATH. If the price manages to overcome this resistance, the accumulation zone will be definitively terminated.

BTC continues the growing leg and the sideway structure was broken in the short term. So far, this statement is bold about longer-term periods. To definitively terminate this zone, which is valid for more than 2 months, it is necessary to overcome resistance from local maximum in ATH. It is the area around $ 42,500 that represents this resistance.

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

The main checkpoint is around $ 36,850. That’s where we can find support in case the price on current resistance fails. In the short term, the price is likely to fall, and contact with the MA21 indicator in the 4H period will also be possible.

We will need increasing volumes to continue growing and, above all, breaking through resistance. RSI still points to a negative divergence from the overbought phase. So the trend is weakening. And unless volumes increase, it is quite likely that the price will not overcome resistance. In any case, the price of BTC is in the most bull leg in recent months.

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

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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