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BTC analysis – volumes are minimal, the price is again below $ 20,000

2 min read

BTC is currently back in a declining trend and the price respected pattern resistance head and shoulders, which failed. The oscillation around the local control point of $ 21,174 continues and the price ranges in sideway structure. Meanwhile, the dominance fell to the current 43.53% at the time of writing.

Volumes are starting to look a lot like the one from the last sideway structure, which lasted a month and ended in a drop in prices. The same can happen now. The prize will continue to move sideways between $ 17,600 and $ 23,000. It will be essential to follow purchase volumes that need to be increased.

Head and shoulders failed

Head and shoulders failed. Source: TradingView

BTC has no bullish volumes

Unless they start growing bullish volumes, the price will create another correction. Long-term support we follow on $ 12,000 where there are huge transaction volumes. Short term support we follow on $ 17,600. It should be noted that in the long run, the price of ATH has still not created a single rising minimum.

If we summarize the current state of the price, in the coming days it will still be true that it will move in the mentioned sideway structure and in the medium term there is still a risk of closing this structure with another correction. If the price creates a rising minimum, then the target will be $ 23,000.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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