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

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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.

Bitcoin still respects resistance

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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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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