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The trading week on the BTC market passed in a tense struggle for the right to continue the growth trend. Although the struggle was intense, it is difficult to call it fierce. The weekly candle closed before the critical range of $48,000-$50,000.
https://www.tradingview.com/x/9UEY9Dg6/
Trading volumes for the week continue to decline. Buyers are not taking the initiative to break the range up. They are focused on keeping prices near the $48,000-$50,000 range.
All attempts by sellers to start at least some correction of the growth wave from 21 July end in failure. Though, on the way to the range of $48,000-$50,000, trading volumes were constantly decreasing. And sellers’ spineless nature in the form of lack of aggressive sales indicates a high probability of continued growth of the BTC price.
Technical Analysis of BTC on the Daily Timeframe
In the daily timeframe, we see that the last attempt of sellers to start a counter-trend ended on 17 August:
https://www.tradingview.com/x/ASuuVF59/
Sellers did not even have the strength to take control of the local range of $43,400-$43,800, which was the lower limit of local consolidation. The calm weekend and the fact that there is no pressure from sellers allow us to predict that the BTC price will continue to grow to $58,000. This mark was the upper limit of consolidation in February-May 2021. And it will be the last critical point of buyers on the way to updating the all-time high.
The minimum plan for buyers this week is to test $53,000 and prepare for a retest in the range of $48,000-$50,000. This scenario will put an end to investors' doubts about the medium-term trend in the BTC market and will provoke the infusion of new capital into the BTC market. Thus, after the implementation of the above scenario, we will expect a more active phase of the BTC price growth.
The Decline in Bitcoin Dominance Continues
Analyzing the charts of BTC dominance, it seems that this week the growth of altcoins may continue:
https://www.tradingview.com/x/Gox3znSz/
The impact of Bitcoin has the prospect of a fall to 42%, which should positively affect the independence of other cryptocurrencies. However, after reaching 42%, we will expect a re-flow of capital from altcoins to Bitcoin, which will cause a new strong growth wave. Thus, the BTC dominance chart confirms our main scenario of continuing price growth to $53,000 and testing for a strength range of $48,000-$50,000.
We will consider an alternative scenario of BTC price movement after losing control over the range of $48,000-$50,000. In this case, the first target of the price fall will be in the range of $43,400-$43,800 and the final in the range of $40,600.