BTC currently continues in declining trend and the price struggles with the $ 20,000 mark. Let’s take a look at the key levels for continuing the trend of the main cryptocurrency in today’s analysis. BTC dominance in the meantime, it has risen slightly to almost 44%, which is still a big drop from a recent high.
The correction leg continues toward under $ 20,000 and most importantly, it will monitor the position of the next local minimum. If we aim for the last one on the surface $ 17,600 and we won’t see it right at the first contact bullish volumes, so we will probably go to a new minimum.
BTC goes under $ 20,000. Source: TradingView
BTC goes under $ 20,000
For now, the price continues sideway between $ 17,600 and $ 23,000. The signal to end this structure occurs when the price exceeds one of these levels. Note, however, the volumes. They have fallen sharply to low values since the last low, which is the same course as during the previous sideway structure. Every attempt by the bulls was rejected.
If we summarize the nearest price development, I am still bearish and I will watch the formation of another minimum. In the medium term, too bearish, because there is still room for a final surrender and not seeing the willingness of the bulls to push the price up. In the long run, however, I remain bullish as all indicators they form the bottom. The spot price can still fall to most bearish scenario – $ 12,000.
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