BTC has hardly moved in recent days and continues to side structure in a tight price range from $ 28,700 to $ 31,000. Thus, the reversal of the trend still does not occur and is in sight. Dominance of the main cryptocurrency in the meantime, it is also stagnant directly in the zone around 45% and is in a growing trend.
At the time of writing, BTC is trading above $ 30,000 and does not show a change in trend. The prediction of the scenarios does not change and I expect in the first scenario a slight upward move to $ 35,000 if the price exceeds resistance sideway moving on the surface roughly $ 31,400. However, this growth will still be part of the correction structure.
BTC stagnates at $ 30,000
The second scenario is the continuation of the correction directly from the current sideway structure. Both scenarios are so bearish and in the short and medium term there will clearly be no reversal of the primary trend. On the other hand, we remain in the long run bullish and a reversal of the trend may occur as early as the third quarter of 2022.
The current sideway structure is not supported volumes and so it is naive to think of the last minimum as above absolute day of correction. If we want to think about the bottom, the volumes of bulls must grow continuously, which is currently absent.