BTC Technical Analysis: Consolidation Is On The Verge Of Failure
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If you look at the monthly timeframe, the situation is not very clear yet. On the one hand, the May candle was able to break the global range of $29,000. However, the month may close with a false breakdown. And the higher the price of BTC closes, the better the chances will be for a strong growth wave in June. In the event of a breakthrough and consolidation above $34,500, we will expect the BTC price to continue growing to $39,000.
Given the depression of the cryptocurrency market, we are not yet planning a more aggressive price movement. It is possible to buy Bitcoin with confidence after the end of the local growth wave, about $ 39,000 and the retest of $31,500. If buyers manage to keep this mark - the global consolidation of Bitcoin with the first target of $48,000 and the final one of $60,000 will be continued.
BTC Technical Analysis On The Daily Timeframe
However, we should not forget that until recently, everyone predicted Bitcoin to fall to $20,000. The number of sellers in the market is high and even the active BTC growth during 30 May does not mean a complete advantage for buyers. The BTC price closed slightly above the local critical point of $31,450.
Global consolidation is essentially unbroken, and sellers may just as unexpectedly attempt to test the $28,700 mark. In this case, a triangle with a flat top is formed, which is more likely to break up. The mark of $28,700 has twice withstood the pressure of sellers. In the event of a weak fall wave without significant trading volumes and aggressive daily candles, Bitcoin investors will have a chance to buy the cryptocurrency with the lowest possible risks.
The USDT Dominance Has Great Prospects Of Falling
The weekly chart of USDT dominance reflects the general mood of crypto investors to buy. The indicator is in the global wedge near the top trend line. The weekly candle of 30 May hints at the absorption of the previous weekly candle. This reversible pattern minimizes the likelihood of the BTC price continuing to fall below $28,000. So now the main question for us is what will grow more aggressively - Bitcoin or other cryptocurrencies? In any case, the BTC price growth will have a positive effect on the entire crypto market. It is only necessary to wait for the breakthrough and consolidation above the critical points, as we described in the article above.