BTC did not generate a breakout signal in the last day sideway structure and the price thus continues at a narrow interval resistance a support about $ 30,000. This lateral movement has been in place for two weeks and may end at any moment. So let’s look at the scenarios I follow if the price ends this move.
When BTC ends this side move, the altcoin market will follow it no matter which direction it takes. Thanks to this high correlation the current BTC analysis can be applied to the market as a whole. Volumes in this lateral movement they are minimal, and therefore we cannot talk about a significant reversal yet.
BTC oscillates around $ 30,000
Let’s not forget the fact that BTC has not reached a long-term rising maximum since its ATH for a long period. That means we’re still in a bearish trend, and we could track reversals above $ 40,000. So if BTC overcomes resistance $ 31,400 I expect only modest growth on resistance approx $ 34,000.
If this growth were accompanied by high bull volumes, stronger growth could be considered, but so far these volumes are not present and are likely to grow only slightly. We remain in the medium term bearish and in the long run we still remain bullish.