BTC couldn’t beat short-term resistance sideway structure on $ 31,400 again and dropped again to just over $ 29,000. The side structure is therefore still current and we are waiting for the signal to end it. Dominance of the main cryptocurrency meanwhile stagnates at 45% and is located in bullish trends.
Up to date support the sideway movement is roughly $ 28,600. If the price does not keep it, it is likely that it will look for a new minimum. We can see in the graph that the main support zone I am monitoring is in the zone around $ 22,000 which is the weekly moving average of the period 200 (1W MA200).
BTC has no volumes
The current rebound at the last low was not accompanied at all by significant bullish volumes, which means it’s naive to talk about the last day as a day of the whole correction. The trend reversal will occur above $ 40,000, so it cannot be considered in the short term. Thus, both scenarios shown in the graph point to movements within the medium-term correction.
The formation of the bottom and subsequent accumulation can take the whole summer. In the long run, however, I remain bullish and I consider the current drop to a potential $ 22,000 to be long-term accumulation opportunity, possibly also to HODL. However, in the short term, there has been no change in the market.