đš Bitcoin Update: Indecisiveness. Everywhere.
The new week starts where the old has ended. Bitcoin moves sideways, and at this moment, the next move is unclear.
Let's look at the different timeframes.
Weekly Chart
Bitcoin closed the week below the important 60k mark. More importantly, it printed a candle that screams "indecisiveness." It has long wicks and a small body. In other words, there was much volatility but no substantial change.
Daily Chart
Bitcoin continues to trade between 57/58 and 60k. Since we have a couple of days with lower wicks, bears seem to have a bit more powerâbut again, as long as we are in the 57/58-60k area, it's a boring sideways move.
A positive sign: As mentioned yesterday, the MACD turned bullish, a signal that has sparked tremendous upward trends in the past.
1H Chart
Bitcoin trades in a descending broadening wedge, with price making lower highs and lower lows. Although this is typically a bullish pattern, we must include the volume in our analysis. Based on the volume, there's a huge chance that the price could break downwards instead of an upward breakout, continuing the preceding downtrend.
Summing it up: It's a waiting game. Period.
Entering new trades at this stage bears high risk and should be executed cautiously.
