BTC is in a corrective leg that is currently testing the point of control of the entire sideways structure as support. However, it seems that the rebound price is not responding yet and we are still witnessing it decreasing volumes. Dominance of the main cryptocurrency meanwhile continues to decline and at the time of writing the analysis reaches 42.35%.
BTC is holding for now support at the point of control $21,150 and volumes are minimal. Therefore, it is realistic that the price will rebound only in the short term, but then it will continue to the long-term low in the area of 19,000 to 18,000 dollars. At the same time, this is the area of the long-term minimum of the entire correction.
BTC is at the point of control
Although BTC reaches rising local lows, we cannot speak of a definite trend. The last two local highs were also rising, but still RSI highs were falling. It’s about negative divergence, which speaks of a slowdown in the trend. I therefore expect a continuation of the sideways movement in the coming days.
The most bullish scenario would mean for the price to get to resistance about 28,000 dollars. But that is not an option yet, because there are no volumes for it. So we are sideways in the short term and we are watching from a medium term point of view support on the last one a long-term minimum 17,600 dollars.
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