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BTC analysis – another pump and dump. The side motion closes soon

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BTC created the situation twice in quick succession pump and dump and the price is still moving sideways and it is risky to trade it. Bull scenario eventually did not occur and the $ 34,400 target is out of sight. Dominance of the main cryptocurrency in the meantime, it continues to grow, reaching the current 47%.

The price is in the narrow range between resistance which consists of decreasing highs and support which is horizontal at approx $ 28,500. The current sideway structure is at a long-term low a year ago and is therefore crucial. Resistance so support they will soon get so close that the side structure will end.

Bitcoin pump and dumpBTC pump and dump. Source: TradingView

BTC continues to correct

BTC still achieves in the long run lower minimums and maximums. Therefore, in the short term, there is also no reversal of the trend. If we want to identify reversal, then the price must overcome resistance $ 32,300 and even so it will only be a short-term growth within corrections. But what if support $ 28,500 will not be maintained?

If the price falls below the current sideway structure, we will primarily watch the strong support on the weekly indicator MA200 which is currently at a price level of approx 22 200 $ and grows over time. An indicator could arise around this zone absolute bottom just as it has been in the past.

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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