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.
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.
Do you like this article? We publish daily the latest information (not only) from the world of cryptocurrencies. Follow us also on Twitter and don’t miss new articles.