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BTC analysis – the price falls below $ 20,000, where can the slump stop?

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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.

Bitcoin goes under $ 20,000

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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