In the end, the strength of the growing short-term trend of BTC was not enough and the price failed to overcome the resistance of the two highs and created triple top. It seems that we will have to wait for the real reversal of the trend. At present, the price still continues in the sideway structure.
BTC at present must achieve minimum at least $ 45,500. This is because the support of the entire sideway structure is located in this zone. There is no denying that BTC ended the previous correction leg, but still did not reach the long-term rising maximum. In addition, there is a previous resistance at the level of $ 45,500, which can be tested as support.
BTC / USD 4H. Source: TradingViewBTC continues sideway
If we want to think of a breakthrough, bull volumes they must definitely grow. Unfortunately, this does not happen, even though volumes are significantly affected limited offer on exchanges which is constantly declining. If the price exceeds the triple peak on the surface $ 52,000, the next target is on the surface $ 54,000. Now, however, it is essential to monitor the position of the next minimum.
If the price created a lower minimum below $ 52,000, then the highest bear scenario I see $ 43,000 to $ 41,000. This is the area of the previous long-term minimum. If the price failed to keep this minimum, it would be the first time in BTC’s history that the price has reached a long-term declining minimum.
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