BTC is currently still in slightly increasing trend, which, however, is part of the sideway structure valid from mid-June. There is room for growth in the short term and the trend may continue. But is this growing trend significant and could it mean breaking the current structure? That’s what we’ll look at in this analysis.
The market price has room to reach $22,000 in the current trend. This zone represents resistance of the current sideway structure. In addition, there is also descending resistance created from the long-term descending highs of the correction. This creates a relatively strong zone of resistance, which is yet to be broken through missing volumes.
BTC is headed for $22,000. Source: TradingView
BTC will conclude a sideways movement in July
In the coming days, the sideways movement will probably not finish. But I suppose so next week will be crucial, regarding the closing of the monthly structure. Sideway movement will collide with the mentioned falling one resistance. In addition, they are currently missing bullish volumes, which confirms bearish scenario.
The same closure of the sideways movement occurred in the second week of June, when the monthly movement encountered the same resistance and a corrective volatile leg was created. From a short-term point of view, we remain in a sideways movement, but from a medium-term point of view, there is still a significant risk that the price will spill over and we remain bearish.
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