BTC is currently trading at $20,280, which represents the point of control of the whole sideway structures. However, the price seems to have hit a snag here resistance and forming triangle to be continued. Nevertheless, it will be closed soon. Meanwhile, the dominance of the main cryptocurrency stagnates at 43.38%.
Basically, we are following two basic scenarios, both of which end with a corrective leg. The triangle can be closed by breaking through resistance but also support. If the triangle were to end with growth, we would target a level of approx $23,000. In this band, there is a longer-term resistance from the highs of the correction.
BTC will close the triangle soon. Source: TradingView
BTC and the missing bulls
On the other hand, if BTC were to outperform support so the price would very likely go to test the previous minimum at the level $17,600. This value represents the lowest price so far current correction. But BTC can fall even deeper. If we do not hold the last minimum, then higher volatility may arise again downwards.
An important knowledge is that currently on the market are no buyers and bullish attempts to break through were immediately deleted. As a result, there is a persistent risk of BTC’s devaluation to even lower price levels. A decision on whether the current sideway structure will be reversed should be made already this month. But it probably won’t.
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