BTC has reached local high of $24,280 and is in a short-term downtrend. The price will probably go to the nearest support. Altcoins, of course, copied this slump and are also entering a short-term slump. The market appears to have reached a new short-term local high.
The target we are tracking is around the point of control 20,500 dollars. The total support area is $21,500 to $20,000, from which the fall in price will probably bounce upwards. The question remains whether it will continue once a local low is formed growing trend.
BTC formed a local high
Local minimum can the price form even higher than the point of control and the rising trend could continue if we witness growth bullish volumes. Although they grew slightly in the last week, they still reached low levels. The sentiment does not change and the buying market participants are still weak.
Summing up the current price action, in the short term BTC is likely to form a downside, but I expect a higher local low. From a medium-term point of view, on the contrary, there is a possibility that the price will create another corrective leg below the last long-term low.
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