Bitcoin (BTC) basically tested the first major hurdle, which is around $ 52,500. It is resistant at this level confluence very strong, so vigorous resistance could be expected here, which would stop the price process. But will he stop him completely? That is not at all certain. Rather, I hold that the biggest fight will take place around $ 57,000. So if Bitcoin gets here.
Current situation at 4H BTC / USD
Bitcoin has been moving upwards since that last major slump. It’s very slow, but it’s growth. The market has received a formidable beating, so these sober movements are indeed justified. In any case, we managed to test our watch resistance, which naturally resulted in a negative reaction. I didn’t even expect the course level to break on the first try. Certainly not with this inertia.
The resistance confluence is very strong at around $ 52,500, so if we get a breakthrough, it probably won’t be right away. However, note that since mid-November, the market has been constructing a recognizable pattern that we know as broadening wedge. It’s just an inverted descending wedge, sometimes called a megaphone. In this case, it is a bull formation in which only volatility increases.
If we were to take this pattern as relevant, we are actually in the more complex correction structure it has bull character. Therefore, it cannot be said immediately that the bullish trend is over. As long as we’re over $ 30,000, there’s a probability. But we have to pour ourselves pure wine and admit that Bitcoin is not doing well at the moment.
In any case, we have to break through the resistance confluence through them, thanks to which we will break through the big pattern. A possible break of $ 57,000 would confirm that the market has not completely given up yet.
In conclusion
The emerging bull structure gives hope to those who still count on the bull run. But it is worth noting that Bitcoin has to break through a lot of obstacles first. The market has lost many territories that will be hard defended. But I wouldn’t break the stick over the market yet. We’ll see what happens.
ATTENTION: No data in the article is an investment board. The analysis does not try to predict future price developments. It serves exclusively as an educational text on how to approach the market mentally. Before you invest, do your own research and analysis, you always trade at your own risk. The kryptomagazin.cz team strongly recommends individual risk considerations!
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