BTC is currently still available in an increasing trend, but the volumes started to recede. This was also reflected in stopping bullish trend. However, it seems that the trend could reawaken and continue after a short consolidation. However, we are still only talking about a short-term lag, which cannot yet be considered a long-term reversal.
As we can see in the chart below, I mainly follow two short-term scenarios. Either the price will be short-term sideways on the support and subsequently create a growing leg, or we will go to test the point of control of the previous monthly sideways structure, which is located in the zone around 20,500 dollars.
BTC is still holding an upward trend. Source: TradingView
BTC holds support
In the first scenario so far we see that the price has formed a slight rebound and is managing to hold support. This support is also the previous upper limit of the monthly sideway structure. In the second scenario we follow the point of control mainly because the previous level of resistance is also located there which was valid from March and could currently serve as support. Together with the POC, they represent the support zone.
Despite the fact that the price exceeded several months resistance, bullish volumes they were weak. The long-term target is at 29,000 dollars, but currently it does not look like the price will reach it. The market sentiment still hasn’t changed and bullish strength is still lacking.
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