BTC analysis – the current decline should have stopped at this price

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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