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