Bitcoin deciding its future

After the big selloff from the all-time highs, BTCUSD is now consolidating in the 30k – 40k area.

In particular, the pair is trading within a channel (blue lines) that typically signals and trend continuation.
The bearish outlook is backed by the major resistance displayed by the Levels and Zones indicator, and which sits at around 40k.

Should the price drop, it can move quite rapidly as low as 12k to complete an H&S pattern.

To contrast this view, the price could continue to move sideways until it eventually breaks above the current consolidation channel. To support this upward move, though, the Sentiment Index indicator at the bottom of the chart must spike to the upside and continue to stay positive for a prolonged period of time.

Remember to be patient and never trade impulsively. Always check confirmation from the indicators.