BTC currently continues in sideway structure, which has been up for almost 2 weeks and is in the narrow range of $ 31,400 and $ 28,700. All the time there was no puncture signal this structure, although a breakthrough is likely to occur soon. The dominance of the main cryptocurrency, meanwhile, continues to grow to the current 45.23%.
The same scenario still applies. Either the price beats resistance $ 31,400 and then we will target the zone roughly $ 35,000 or the price will not hold support. We see these scenarios in the chart below and both are only part of the longer term correction structure. We would need significantly higher to shape stronger growth bullish volumes.
The most bearish scenario
So where can the price of BTC fall? We follow in the first place MA200 on the weekly chart which is roughly a level $ 22,000. In the short term, the price could fall below this indicator, but the weekly candle should only create a wick under the indicator and the body should close above the MA200.
A drop below $ 22,000 would mean that the price would most likely reach the level of $ 20,000, resp. ATH from the previous cycle. This has never happened before in the history of BTC’s price development. However, this does not mean that it cannot happen in the future. This most bearish scenario.