BTC Technical Analysis: Sellers Have Problems in The Range Of $19,000
Table of contents
Basically, there has been no bounce back up after the strong Bitcoin fall wave since March 2020. Forming a consolidation above the range of $19,000, buyers hint at the beginning of the formation of a rebound with the final target of $29,000-$30,000. However, these hints are extremely weak and not supported by anything.
Source: Tradingview
For a confident purchase of Bitcoin, it is worth waiting for the $21,700 mark to break. If, after breaking this mark, the BTC price does not fall below $21,700, it will be a strong signal to buy Bitcoin and expect $29,000-$30,000. The price-fixing below $19,000 will maximize the chances of sellers to continue Bitcoin fall without a correction, with the next target at $13,000. The last line of protection for buyers, in this case, will be around the $18,000 mark.
Technical Analysis Of BTC On The Daily Time Frame
Source: Tradingview
Analyzing the movement of the BTC price on the daily timeframe, you can see how sellers are effortlessly trying to push the price below $19,000. The range of price movements in the consolidation since 15 June is constantly narrowing. Bounces from the $19,000 range are becoming weaker, which may indicate a decrease in buyers' interest in keeping this range. Trading volumes also do not provide many clues about the ambition of buyers. However, below $19,000, the consolidation from June 2022 will break.
In that case, buying Bitcoin until buyers regain control of the 19,000 mark is risky. If on the weekly time frame the critical point for the start of a new growth wave is considered to be $21,700, then on the daily time frame, it is enough to take control of $20,500. Breaking $20,500 will not yet mean complete control of the market by buyers, however, such an event will confirm the change in the balance of power.
Bitcoin Dominance Hints At The Beginning Of Growth
Source: Tradingview
In the past two weeks, since 20 June, BTC's dominance fall has begun to slow down. The indicator of BTC dominance stopped at the mark of 43.3%. Such a state of affairs makes it possible to predict a frantic growth of interest in Bitcoin itself. If the BTC dominance indicator can break the 49% mark upwards - a new era of Bitcoin will begin, in which other cryptocurrencies will be in a serious shadow. In this way, the indicator will break the annual consolidation and the influence of Bitcoin on the cryptocurrency market will again grow to the maximum.
BTC's dominance chart increases the probability of its price growth. Therefore, despite the calmness of the Bitcoin price in the consolidation, we hope to see a new growth impulse soon that will reveal the intentions and potential of buyers.