Bitcoin price action is getting squeezed. It has been within a tight range for the past week.
Is this the final BTC formation before a real move up or down?
IMO volumes just cannot support a sustained push upwards. Volumes have been declining since we last bottomed out at 28k.
RSI also shows decreasing momentum. I don't see any bullishness in the RSI since June 22nd when we had bullish divergence. We promptly had move upwards in response. I don't think that bullishness will carry forward.
Some other formation potentials.
Is this the final BTC formation before a real move up or down?
IMO volumes just cannot support a sustained push upwards. Volumes have been declining since we last bottomed out at 28k.
RSI also shows decreasing momentum. I don't see any bullishness in the RSI since June 22nd when we had bullish divergence. We promptly had move upwards in response. I don't think that bullishness will carry forward.
Some other formation potentials.
