BTC Technical Analysis: Is There A Risk Of Falling To $30,000?
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Though, currently, the critical point for buyers is the $36,000 mark. If buyers can stop the BTC price fall at this level - we can count on a new attack on the $46,000 mark. If we consider the situation on the monthly timeframe of the BTC price movement, we can see that in February, buyers were not very active.
The monthly candle for February did not swallow the January one. And the trading volumes are average. In the first week of March, sellers were able to lower the BTC price below the opening price of the February monthly candle. If buyers do not show resistance in the range of $36,000, the BTC price can quickly fall to $30,000. Sellers are expected to update local lows from June 2021. It is during the update of these local lows and it will be clear whether there will be a bright future in the Bitcoin market and cryptocurrency. In case of high trading volumes and keeping the range of $30,000, there will be a great chance to buy Bitcoin with the main target of $56,000-$58,000.
Technical Analysis Of BTC On The Daily Timeframe
Analyzing the BTC price movement on the daily timeframe, we can see that the market is still in local consolidation since January 21. After a sharp boost in the BTC price on 28 February, buyers could not keep the initiative in the market. The trading volumes on 4 March began to fall. If trading volumes do not grow and daily candles do not increase over the next few days, a new local growth wave of $36,000 is to be expected. The main signal of the beginning of such a growth wave will be increased trading volumes, such as we could see on 24 January and 24 February. Breaking the lower trend line in the range of $35,000-$36,000 and fixing the price below will be a signal the BTC price fall continuation.
Bitcoin Dominance Is Preparing For A Reversal Down
If you look closely at the weekly chart of Bitcoin dominance, you can see how the figure is growing uncertainly and starting to stop. At the moment, the BTC impact has stopped within the global consolidation. If the Bitcoin dominance begins to fall - other cryptocurrencies will feel much better both when the BTC price falls and during growth. So now you should pay attention to strong altcoins, which can give a good local growth wave.