In fact, the BTC price has been in consolidation for 2 months and looks like it is trying to form a trend reversal pattern.
1) The most pessimistic scenario is the movement of the BTCUSDT price along the , where the lower target for the end of 2021 – beginning of 2022 is $12000-13000.
2) It is also possible that the formation of the reversal pattern is now being completed. The pattern will be relevant if buyers are unable to raise the BTCUSD price above $51,000-55,000. Further, the fall will continue – the lower target is the area of $20,000 – a retest for the strength of 2017 high.
3) It is also worth remembering that there is still an unfilled Gap on the BTCUSD chart in the region of $23800-26500, which, according to the TA laws, is recommended to be filled, that is, to lower the price below this zone.
4) A positive scenario is if buyers manage to first fix the Bitcoin price above $55,000, and then renew the maximum. In this case, there will be room for growth in the region of $126,000-136,000. At the moment, it is hard to believe in such a scenario.
Another interesting graph: The dominance of BTC , fell by 40% and reached the values of the end of 2017 – beginning of 2018.
At the end of 2017 BTC began a global trend reversal and a fall in prices a month earlier for alts, because altcoins were shooting up even before mid-January 2018.
It is difficult to say whether the situation will repeat itself, but there are prerequisites for this. After all, most altcoins over the weekend reacted very weakly to the fall in BTC , and we can say that they held their positions.
Well, let’s look for some interesting altcoins for short and medium term trades.
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