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BTC analysis – price hit resistance of 6 week structure. Will finally get over?

2 min read

 

BTC hit the resistance bearish flag, which could represent the end of the current one growing trend. The formation of the maximum would thus take place at the same price level as the previous one. However, there is a possibility that the price of BTC will eventually break through this resistance and create another one growing local maximum.

The market price of BTC hit the area of ​​the previous maximum and at the same time resistance flags on $24,450. Volumes fell during the growing trend, and in addition RSI it encountered the same resistance on the verge of being oversold. So it seems that the price is again waiting for a short-term correction towards $22,000 support area.

Bitcoin hit a recent high

BTC hit a recent high. Source: TradingView

BTC stands at resistance

Sentiment can change quickly and if they start to grow again volumes the price could be beaten resistence 6 week bearish flag. Bullish I mainly follow targets on 25,500 dollars, but also $29,000, where buyers would have to try much harder than they currently do.

Currently, we are only following the first target, but even so, it would be the end of the long-term flag in which the price is still located. Regardless of the current upward trend, it is necessary to realize that BTC still can in the medium term fall to a new low below $17,600.

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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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