BTC has more or less stagnated on the last day and respects support at $ 58,000. So far, so BTC located in the sideway structure, which may change for correction. The dominance of BTC also continues sideways and is at 43.94% at the time of writing. What is the potential movement of the main cryptocourrency at present?
BTC has hit the upper limit of the support zone it represents range $ 58,000 to $ 55,000. This zone should be a stepping stone for BTC. If the price doesn’t keep it, then we’ll watch $ 53,000, where the previous long – term maximum is located. This maximum must be maintained if we want to stay in growing trend.
BTC has been bullish for a long time
Apart from the upper limit of the support zone, the same price was achieved price to test the last short-term minimum thus creating a double bottom. On the other hand, we have a double peak at ATH. Price so created a sideway structure bounded by these values, which it should represent bull prospects for the future.
If the price keeps the sideway structure, we will go to the new ATH. If it fails to keep the last minimum, we will follow the mentioned supports, after which the price should rise again and after the corrective leg attack ATH again. Long – term trend and sentiment remains unchanged and the current decline is a common fluctuation.