BTC buyers held the range of $47000, which we talked about in the previous forecast:
This mark was the local liquidity zone and the lower limit of consolidation. Lack of trading volumes forced sellers to give up the initiative in the BTCUSDT market
🆘Global critical point, where it would not be desirable for the price to reach (if there should be continuation of growth) is the range $44600-45600. Price squeezes are allowed there. But if we see weak bounces from this range – it will be a signal for continuation of falling with 🙈first target of $42000. So far this is an alternative scenario.
Bitcoin forecast of the main price movement scenario
🔥The main scenario is a test of the $50800-51400 range. There will be a serious struggle in this range. ❗️First, this price range has already reversed the BTC price twice. ❗️ Secondly, the sellers’ main trend line, which they held since November 11, is set there. If the buyers manage to take control of the $50800-51400 range – our final target is $56000 🟢.
Is a local wave of growth to the mark $47300 possible? Yes, such a wave of decline will still be acceptable for the realization of our Bitcoin forecast. Just at that point, you can see how altcoins will hold. For a short-term trade, this would be a good chance to get in a good trade.
After the $56,000 test, you can look for new entries into the long position with minimal risk.
Reaction of other cryptocurrencies to Bitcoin’s behavior
So far, altcoins are not bouncing much behind bitcoin. But the likelihood of continued consolidation in the BTC market in the $47000-51000 range could give other cryptocurrencies a chance to exhale after the pressure and make good price pullbacks of 20-30%. It all depends on Bitcoin and USDT dominance.
So far on the dominance chart we can see that capital is starting to return to altcoins. The prospect of BTCUSD dominance falling gives another signal for a greater likelihood of altcoins bouncing back.