Bitcoin Still Trending Sideways.

4 apr 2023

The Bitcoin market has exhibited an oscillatory consolidation phase within a well-defined horizontal channel, oscillating between the $27,100 and $28,500 price thresholds over the last 18 days. The Relative Strength Index (RSI) has maintained a moderately bullish equilibrium at a constant level of 60, reflecting a tentative market sentiment with investors remaining cautious.

The Moving Average Convergence Divergence (MACD) indicator and its corresponding signal line have been oscillating in close proximity to one another, showcasing a subdued trend momentum. However, their pronounced deviation from the baseline indicates a latent undercurrent of bullish pressure that could potentially catalyze a decisive breakout in the near future.

The anemic trading volume observed during this period further underscores the market's ambivalence, as market participants adopt a wait-and-see approach, refraining from committing to sizable positions. This attenuation of liquidity can also contribute to heightened susceptibility to erratic price fluctuations and temporary bouts of volatility.

In summary, the Bitcoin market is currently exhibiting a phase of indecision as it traverses a lateral trading range, with key technical indicators such as the RSI and MACD displaying an intricate interplay of bullish and bearish forces. Market participants should remain vigilant for potential catalysts that may tip the balance in favor of a decisive price movement, as the diminishing trading volume may exacerbate the impact of any exogenous shocks to the market.

Short version. Bears are chillin. Price action is good for the gridbots, but not much else at the moment.

5 apr 2023

Nota

New phase. Bollinger squeeze is officially on, so will we see a break to the upside or downside.

6 apr 2023

Nota

Was just playing with the new TradingView auto charting tools and its calling a 38k BTC target. Not sure we will get there any time soon, but interesting seeing the tool calling that forecast if we break to the upside of the pennant.

8 apr 2023

Nota

Getting tighter

9 apr 2023

Nota

Pressure really building. Even the gridbots have little to do at this volatility.

11 apr 2023

Nota

Finally got the breakout. Lets hope it runs rather than retests.