BTC is currently in downward trend and it still shows no signs of stopping. Where could the decline stop? The price has already reached the first target of $20,500 and is still holding it, well bullish volumes are not sufficient. Meanwhile, BTC’s dominance has fallen to its current 43.86% at the time of writing.
Targeting harmonic pattern AB = CD it is at the 38.2% and 61.8% retracement levels. So it’s about targets $20,500 and $19,500. The first target price has been reached and it is possible that we will also go for the second one. However, this is only a short-term movement. It is still true that this move is only part of a sideways structure that has been going on for almost a month.
BTC is headed for $19,500. Source: TradingView
BTC is still in a sideways movement
It is quite likely that BTC will continue to move sideways throughout this week as there is still some space between support a resistance, which is decreasing. However, if the sideways movement comes into contact with this descending resistance from the correction high, then the value of the main cryptocurrency will probably decrease again. A similar situation occurred at the end of the first week of June.
If we summarize the current situation, we are short-term bearish within the sideways structure and in the coming days we can expect a movement between $23,000 and $17,600. In the medium term, it is still possible fall below the last long-term bottom.
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