BTC Analysis – Final capitulation at $12,000 is still a realistic scenario

BTC the last day more or less continues to moderate downward trend and at the time of writing it stands at $19,243. The market price is moving exactly below resistance, which consists of local maxima of the correction leg. Meanwhile, the dominance of the main cryptocurrency stagnates and reaches a value of 43.44%.

It is possible that the price forms a short-term local bottom, which was also confirmed by RSI overcoming the oversold level upwards. Bullish the target is on the surface point of control $21,170. For now, we only predict the continuation of the sideways structure, because volumes are missing and the shoppers last attempt was rejected.

BTC still respects resistance. Source: TradingView

BTC still under resistance

Sideway structure is in the $17,600 to $23,000 price range. Even if the price managed to break $23,000, it would not mean a change in the trend in the long term. The price would currently have to break up to $35,000 to start thinking about a long-term uptrend. Moreover, bottom formation long-term correction always takes several months.

If we summarize the current events, in the short term we will continue sideways. There is still a risk that the price will break below $17,600 and form final capitulation. We would then set the main limits to $12,000.

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