BTC is in the short term in an increasing trend but its strength is negligible and is only part of the sideway structure. Bullish volumes are still absent and it seems that the end of this move will be accompanied by another corrective leg. Dominance of the main cryptocurrency, meanwhile, falls to 43.50%.
We can see on the graph below two short-term scenarios for the next few days. They both are bearish with the difference that for one of them we think above bullish by moving to resistance of about 22,000 dollars. This zone is the upper limit of the sideways movement and there is also a long-term falling resistance from the maximum correction.
BTC will soon end the sideways structure. Source: TradingView
BTC will end sideways movement
It is quite possible that the price cannot even reach the mentioned 22,000 dollars. On the market lack of bullish volumes and the sideways structure is slowly but surely getting into a narrow band with a long term resistance. This means that in the coming week the next direction will be decided and the monthly sideways movement will be closed.
Another correction would cause a drop below the $17,600 low, which would result in increased volatility. The most attractive area for BTC longing is from $12,000. From a short-term point of view, we remain sideways, and from a medium-term point of view, we still are bearish.
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