BTC analysis – $ 20,000 trip is necessary, here’s why

BTC is still oscillating around $ 30,000 and will slowly but surely close sideway movement. I expect the end by the end of next week. Resistance so support they are approaching and the price will have to cross one of these lines. Dominance of the main cryptocurrency is still growing to the current 47.10%.

The main cryptocurrency faces support about $ 28,500 and on the other side resistance about $ 32,300. If the price manages to overcome this resistance, we will target $ 34,400. Conversely, if the price does not maintain support, we will monitor the continuation of the correction with the long-term target $ 22,000 where is the 1W MA200 which represents bottom corrections from the past.

BTC oscillates at $ 30,000. Source: TradingView

BTC still oscillates around $ 30,000

The sideway structure in which the price is located has been going on for a month and is still not complete. In this structure there are no high volumes and we cannot consider it absolute bottom of long-term correction. The rebound on May 12 was weak and the bulls did not have the strength to push the price up substantially. Therefore, it is possible continuation of the correction.

Both scenarios we have described are ultimately bears, because even if there is a slightly increasing trend, we still cannot talk about reversal and this movement will only be part of the correction structure. it seems that a $ 20,000 trip is necessary.