BTC analysis – the current sideway movement is risky, bull volumes are on the decline

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: TradingView

BTC 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.