BTC is currently located in sideways movement already over a month, which is the same period in terms of length as with the previous side structure. However, the main cryptocurrency is getting into bands of strong resistance which could mean the creation of a new bearish downward movement for BTC.
In the short term, it is possible that we will witness increased volatility, as already this week a decision should be made on the further direction of BTC. Level around 22,000 dollars represents the upper limit of sideways movement, and in addition, there is also a descending one resistance from correction highs.
Will BTC end the sideways movement? Source: TradingView
BTC ends monthly sideways movement
The current uptrend is not supported by highs bullish volumes, which means that if the sellers decide to drop the price, they won’t have much to do with it. Moreover, the price is still below this level resistance and the sideway stucco is intact. If we break through this zone, we will follow the target 24,000 dollars.
When breaking through, it can also be a fake breakout. We will watch it if the price forms a high upper wick of the candle and the volumes are also lacking. The risk of the price falling below the long-term low of $17,600 is still hwre, so for now there can be no talk of a trend reversal.
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