BTC confirms increasing local minimum in the short term and thus created a strong bull candle for the 4H period. However, this growth is still part of the sideway structure, which has been relevant since the fall of the second week of May. Dominance of the main cryptocurrency in the meantime, it continues to grow and reaches 47,22% at the time of writing.
The latest growth has not been accompanied by bull volumes in sufficient quantities, and therefore not yet we are not considering ending the sideway structure. However, there is an opportunity for a bull signal. However, the price will face strong resistances and these will have to be overcome by higher volumes.
BTC created a strong bull candle. Source: TradingViewBull leg
Bull signal is that the daily closing price must reach closing above the surface $ 32,300, which represents the upper limit of sideway movement and at the same time the last maximum. We will then follow targets $ 34,400 and $ 37,000. I follow this movement as the most bullish scenario today.
It should not be forgotten that even if the price of BTC created this bull leg, it will still be part of the correction structure. Therefore, it is not a reverse signal, but only a signal within the current correction. However, this does not mean that the price cannot be at the bottom right now. However, this is not confirmed.
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