BTC Technical Analysis: The Final Growth Target Is $56,000-$57,000
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At the moment, the main question is whether buyers will be able to make this growth without the BTC correction from the range of $46,000. In case of trading volumes in this range and decrease in price volatility - we will expect a local correction of the BTC price to $40,800-$41,400. If the trend of buyers is really strong, then below this range the price should not fall. In the event of an aggressive fall in the BTC price without volumes, you should expect a lower fall of the BTC price to $36,200. As the weekly candles have shown, there is a lot of interest from buyers in this range. By buying Bitcoin in these two ranges you can get a great average price for a medium-term growth wave with a target of $56,000-$57,000.
Technical Analysis Of BTC On The Daily Timeframe
Better and more confident well-being of buyers in the BTC market can be seen in the daily timeframe. As we can see, the daily candle from 28 February was one of the most aggressive since October 2021. Buyers in high volumes managed to take control of two local marks of $40,000 and $42,000. Today, sellers have not found enough strength to test the strength of even the mark of $42,000.
Therefore, the probability of the BTC wave of grow to $46,000 without local correction is quite high. However, if buyers still show a local weakness in smaller timeframes, a good chance will be to buy Bitcoin in the range of $40,800-$41,400. It was in this range yesterday that sellers actively inhibited the growth of the BTC price. Therefore, the maintenance of this range and the beginning of an active rebound from it will confirm the strength and initiative of buyers.
Bitcoin Dominance Has Great Potential For Growth
Given the fact of the active phase of local growth, the decrease in the USDT dominance and the increase in the BTC dominance ahead of the crypto market can expect a pleasant time of growth. On the BTC dominance chart, we see that the prospect of growth, even within the global consolidation on a weekly timeframe. And given the global picture of BTC dominance chart, the new growth wave may not end near $56,000-$57,000. So, at the moment we should expect the BTC price to go up from the consolidation channel and confidently buy BTC on the retest of $46,000.