Since bitcoin has broken down from the ascending triangle as can be seen in my chart, it has since attempted a pullback into the structure it broke down from. Because it never actually re-tested the previous support as resistance, I have offered another view of the parallel channel it has been range bound within for the last week or so. Additionally, bitcoin has continuously been rejected from the daily EMA ribbon, which leads me to believe that bitcoin doesn't have the juice to make a run back to the upside - at least not currently. Bitcoin is lacking the volatility it needs to make an explosive move to the upside, which is likely because money flow is leaving the space. To attract new buyers, I believe that the price must be driven down to more attractive buying zones. Not only would this create a more attractive entry for new buyers, but it would likely create a lot liquidity for the institutions to start buying up bitcoin in large quantities.
** Disclaimer: This is not financial advice in anyway - merely just my view on the market right now **
** Disclaimer: This is not financial advice in anyway - merely just my view on the market right now **