Hey everyone ✨
#Bitcoin is currently moving sideways with low volume right at the descending trend resistance. This kind of consolidation is quite familiar, especially before a breakout. We’ve seen a similar setup before price hovered around the resistance for nearly 15 days before a strong breakout followed.
Normally, in a downtrend, sellers step in around the resistance and the price doesn’t stay there for long. But this time, things look different. Price has been holding at the resistance zone for almost a week now, which makes me think the trend is losing strength. #binance
The fact that whales haven’t triggered any major sell offs during this period is also telling. If they believed the downtrend would continue, we wouldn’t be seeing this kind of stability at resistance.
So yes, I’m reading this setup as positive. But still, I won’t take any action until we get a confirmed weekly breakout. That’s my strategy confirmation first, then a move.
Since the price has been flat, there haven’t been any major changes in the data lately, which is why I haven’t shared much. For now, the smart move is to wait for that weekly breakout. Once it happens, I’ll be sharing plenty of insights and analysis on both Bitcoin and altcoins.
Until then, staying patient and observing the chart is key. Wishing everyone a profitable and relaxing weekend 💐