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BTC analysis – 15% profit in just 2 days. Where will the current uptrend end?

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BTC continues to growing trend in the short term and surpassed the level $22,000 for a while. However, it is still true that we remain sideways and the volumes are not so strong. Is the current trend reversed or is it just a short-term thing? Meanwhile, the dominance of the main cryptocurrency grew to 44.30%.

The target we are watching is roughly on the surface $23,000 where the long-term zone is located resistance from correction highs. Moreover, this level is the upper limit of the sideways structure, which has been valid since mid-June. However, it can be clearly seen from the volumes that growth recedes and it doesn’t have to take long.

Bitcoin surpasses $22,000

Source: TradingView

BTC is still in a sideways structure

RSI indicates in the short term overboughtness, which could also contribute to the prediction that a local maximum is approaching. If the price does not exceed $23,000, we remain in the sideways structure. Moreover, it is still necessary to reckon with bearish a scenario that would represent a fall in the price below the current sideways movement.

If we summarize the current situation, we are short-term bullish, but only within the sideway structure. From a medium-term perspective, it is still risky to say that BTC has reached absolute bottom. For a long-term significant breakthrough, we need higher and especially growing bullish volumes.

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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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