BTC continues its sideway structure and has fallen even further downwards in the short term. Still, it still maintains rising local lows from the end of January. It seems that a local minimum is forming, but so far we cannot identify a growing bullish volumes. However, they dominate during the current ascending triangle.
The beginning of the ascending triangle is the reverse pattern 123 bottom formation. The current triangle may slip into a flat formation. This is the case when the price does not maintain the current levels and falls within the range of points 1 and 3. In this scenario, the sideway structure remains intact and valid.
BTC in ascending triangle. Source: TradingViewBTC still sideway
Vice versa, bullish scenario represents the creation of a growing leg beyond the border $ 46,000. Truth be told, in the short term it doesn’t look like that and the bulls are losing strength. However, sentiment can turn quickly. If the price went above $ 46,000, 123 bottom formation and reversal of the trend would be confirmed bullish.
The current structure seems indecisive and it is always risky to predict only one scenario in a sideway movement. So it is ideal to wait for the breakthrough resistance or support. In the long run, however, on-chain metrics agree that BTC will change accumulation to bullish trend. Only time will tell if this happens.
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