BTC is still in the short growing leg and faces strong resistance which is created by local high correction leg. The Altcoin market in the majority is followed by this movement of the main cryptocurrency. Meanwhile dominance of BTC grows to even higher values and at the time of writing already reaches 46,80%.
Target $ 33,000 is still current and represents the nearest resistance. The market price has shaped the halt earlier and RSI has seen an exit from the overbought phase, which is usually signal for sale. It is still true that BTC’s upward movement is only short-lived and has nothing to do with the reversal of the correction.
BTC in short-term growth. Source: TradingViewBTC and short-term growth
The volumes that accompanied the price of BTC upwards were low and, unfortunately, we cannot consider them reversible. In addition, they have begun to retreat, which means that it may form local short – term maximum. A bull scenario would mean higher volumes and a breakthrough mentioned resistance.
I stay in the long run bullish and from the medium term bearish. The collapse may also proceed to weekly indicator MA200 which has always been a key issue in the past support in the formation of the absolute bottom correction. It is currently just over $ 22,000 and growing over time.
