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BTC analysis – if the price hits this resistance, the price may fall to new low

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BTC is currently trading below $20,000 at $19,486 at the time of writing. The volume structure also does not indicate a reversal of the trend and sentiment remains bearish. Meanwhile, the dominance of the main cryptocurrency is still located above support specifically at a value of 43.76%.

In the last analysis, we determined the targets according to the harmonic pattern on the levels $20,500 and $19,500. Both targets have been achieved and currently there is a real scenario that the price will not hold even the second one. There is no trend reversal yet and probably the value of BTC will attack the last low.

Bitcoin forms a harmonic pattern

BTC forms a harmonic pattern. Source: TradingView

BTC still holds the sideways structure

The whole pattern AB=CD is located in the sideway structure between levels support $17,600 and resistance $23,000. The price will probably not overcome the support immediately and in the short term a local bottom is formed, or we are close to him according to RSI, which reaches oversold. However, the continuation of the sideways movement will be part of this week as well.

This movement in the mentioned interval has room to continue until it hits resistance, which we see at the top of the graph as a downward curve. Lateral movement thus encounters resistance, which can cause another corrective wave similar to the previous sideway structure.

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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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