BTC analysis – the price can still fall below the $17,000 minimum

BTC up to date bounced off the second target harmonic pattern and it seems that the local bottom is rising again. However, the rising bottoms are alternated with approximately the same highs and the price is still there in a sideways structure. Meanwhile, the dominance of the main cryptocurrency maintains a support line and is located at the level of 43 85%.

BTC respected support the second target $19,500 on the 61.8% retracement resulting from the harmonic pattern AB=CD. The price confirmed the local minimum and started to grow up to point of control $20,500.However, this move is still only part of a sideways structure bounded by a low of $17,600 and a high of $23,000.

BTC respects support. Source: TradingView

BTC is still sideways

I currently expect the price to continue in the mentioned interval of the sideway structure for the next week. We will primarily observe the contact of the sideways movement with the descending one resistance, which consists of correction maxima. The last such contact was terminated increased downward volatility.

If we summarize the current situation, we can expect the price to continue sideways for the next week. Subsequently, we have to consider a scenario where the price creates another long-term lower local minimum and the correction will continue. From a medium-term point of view, we are therefore staying bearish.